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
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.