What changed
RBI announced that the Banking Service Price Index return, currently filed on paper or via email, will be converted to an online filing system. This is part of the second tranche of interim recommendations from the Regulations Review Authority 2.0. The specific date for discontinuation of the old method and launch of online filing will be communicated in due course.
What it means for you
Banks will need to transition from manual or email-based submission of fee income, fee charges, and selective deposit/loan data to a digital platform. This move aims to streamline regulatory reporting and reduce compliance burden. Lenders should start reviewing their data collection processes to ensure readiness for online submission once the date is announced.
What you must do
- Identify the current process for filing the Banking Service Price Index return and map it to the new online requirements.
- Prepare your data systems to capture fee income, fee charges, and selective deposit/loan data in a format suitable for online submission.
- Monitor RBI notifications for the exact discontinuation date of paper/email filing and the launch of the online portal.
- Train relevant staff on the new online filing procedure once details are released.
Who it affects
All Scheduled Commercial Banks (including Regional Rural Banks), Payment Banks, Bank compliance and data reporting teams
What is the Banking Service Price Index return?
It is a return that includes data on fees income and fee charges for banking services, along with selective data on deposits and loans.
When will the online filing start?
RBI has not yet announced the exact date. It will be notified in due course, so banks should stay alert for further circulars.
Which banks are affected by this change?
All Scheduled Commercial Banks, including Regional Rural Banks and Payment Banks, are required to comply with this change.