Current · Source: Reserve Bank of India · RBI/2021-2022/167 · issued 18 Feb 2022 · ~2 min read
Quick answerRBI is discontinuing/merging two returns (Statement of chest slips and Statement of link offices) and converting four paper/email-based returns (RBI note refund rules - statement of defective notes adjudicated at all bank branches, Format for furnishing addresses etc., particulars of Forged Note Vigilance Cell (FNVC) to RBI, Statement showing details of counterfeit bank notes detected by the branch during the month, FNVC to submit status report covering certain important aspects of the functions required to be undertaken by it) to online filing. Exact dates will be notified later.
The rule, in the simplest words
RBI is stopping or combining two reports: 'Statement of chest slips' (a report about cash in bank vaults) and 'Statement of link offices' (a report about connected bank branches).
Four reports that used to be sent on paper or by email will now be filed online: (1) report of defective notes checked at branches, (2) addresses of the Forged Note Vigilance Cell (a team that tracks fake money), (3) details of fake notes found by a branch each month, and (4) a status report from the Forged Note Vigilance Cell about its work.
The exact dates for these changes will be announced later, so banks must wait for a notice before making any changes.
How it plays out — a real example
A payments & clearing officer in Indore, Priya, used to spend hours every month filling out paper forms for the 'Statement of defective notes adjudicated at all bank branches' and mailing them to RBI. Now, she learns that this report will soon be filed online, saving her time and reducing mistakes. She also hears that two other reports her branch submits—'Statement of chest slips' and 'Statement of link offices'—will be stopped or combined, so she can focus more on helping customers with gold loans.
What changed
RBI announced interim recommendations from RRA 2.0 to discontinue or merge two returns: Statement of chest slips and Statement of link offices. Additionally, four returns currently submitted via paper or email will be converted to online filing: RBI note refund rules - statement of defective notes adjudicated at all bank branches, Format for furnishing addresses etc., particulars of Forged Note Vigilance Cell (FNVC) to RBI, Statement showing details of counterfeit bank notes detected by the branch during the month, and FNVC to submit status report covering certain important aspects of the functions required to be undertaken by it.
What it means for you
Banks will see reduced compliance burden as two returns are eliminated or merged, freeing up operational resources. The shift to online filing for four returns will streamline data submission, reduce manual errors, and improve turnaround time for RBI reporting. Banks must prepare for eventual system changes once exact dates are announced.
What you must do
Review Annex 1 and Annex 2 of the circular to identify which returns your bank currently submits.
Prepare to discontinue or merge the Statement of chest slips and Statement of link offices as per future notification.
Plan for online submission of the four listed returns (RBI note refund rules - statement of defective notes adjudicated at all bank branches, Format for furnishing addresses etc., particulars of Forged Note Vigilance Cell (FNVC) to RBI, Statement showing details of counterfeit bank notes detected by the branch during the month, FNVC to submit status report covering certain important aspects of the functions required to be undertaken by it) by upgrading internal systems if needed.
Monitor RBI notifications for the exact implementation dates and any further instructions.
Who it affects
All banks submitting returns to RBI, Currency chest operations teams, Forged Note Vigilance Cell (FNVC) teams, Compliance and reporting departments
❓ Common questions
Which returns are being discontinued or merged?
Two returns: Statement of chest slips and Statement of link offices. The latter is already submitted online via ICCOMS daily.
What returns are moving to online filing?
Four returns: RBI note refund rules - statement of defective notes adjudicated at all bank branches, Format for furnishing addresses etc., particulars of Forged Note Vigilance Cell (FNVC) to RBI, Statement showing details of counterfeit bank notes detected by the branch during the month, and FNVC to submit status report covering certain important aspects of the functions required to be undertaken by it.
📜 Read the original circular — full text as issued by RBI
RBI/2021-2022/167
DCM (Admin) No. S858/19.01.010/2021-22
February 18, 2022
The Chairman / Managing Director
The Chief Executive Officer
All Banks
Madam/ Dear Sir,
Regulations Review Authority (RRA 2.0) – Interim Recommendations-Discontinuation/Merger/Online Submission of Returns
Please refer to the press release dated February 18, 2022 issued on the captioned subject.
2. As part of the implementation of the interim recommendations of the RRA 2.0, it is proposed to discontinue/merge the returns listed in the Annex 1 . Further, it is also proposed to convert, the paper based/ e-mail-based returns listed in the Annex 2 , into online filing.
3. The exact date of discontinuation/merger and online filing of the returns, would be notified in due course.
Yours faithfully,
(Suman Ray)
Chief General Manager-in-Charge
Encl: As above
Annex - 1
List of Returns to be Discontinued/ Merged
S. No.
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2021-2022/167 · issued 18 Feb 2022. The plain-English explanation above is BankPulse’s own independent summary.
Plan for online submission of the four listed returns (RBI note refund rules - statement of defective notes adjudicated at all bank branches, Format for furnishing addresses etc., particulars of Forged Note Vigilance Cell (FNVC) to RBI, Statement showing details of counterfeit bank notes detected by the branch during the month, FNVC to submit status report covering certain important aspects of the functions required to be undertaken by it) by upgrading internal systems if needed.
📜 Compliance
Review Annex 1 and Annex 2 of the circular to identify which returns your bank currently submits.
Prepare to discontinue or merge the Statement of chest slips and Statement of link offices as per future notification.
Monitor RBI notifications for the exact implementation dates and any further instructions.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template
Example: if you are a Compliance officer at a bank this circular applies to (All banks submitting returns to RBI, Currency chest operations teams, Forged Note Vigilance Cell (FNVC) teams, Compliance and reporting departments), your first concrete step on “RBI Streamlines Returns: Discontinuation, Merger & Online Filing” is: “Review Annex 1 and Annex 2 of the circular to identify which returns your bank currently submits.” (RBI issued this 18 Feb 2022).
Action required: Review Annex 1 and Annex 2 of the circular to identify which returns your bank currently submits.
Action required: Prepare to discontinue or merge the Statement of chest slips and Statement of link offices as per future notification.
Action required: Plan for online submission of the four listed returns (RBI note refund rules - statement of defective notes adjudicated at all bank branches, Format for furnishing addresses etc., particulars of Forged Note Vigilance Cell (FNVC) to RBI, Statement showing details of counterfeit bank notes detected by the branch during the month, FNVC to submit status report covering certain important aspects of the functions required to be undertaken by it) by upgrading internal systems if needed.
Action required: Monitor RBI notifications for the exact implementation dates and any further instructions.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.
💬 Banker Discussion
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12238&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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