What changed
RBI announced that six specific returns currently submitted on paper or via email will be migrated to an online filing system. This is part of the interim recommendations of the Regulations Review Authority (RRA 2.0). The exact date for the switch is yet to be notified.
What it means for you
Banks will need to transition from manual or email-based reporting to a digital platform for these returns, reducing paperwork and potential errors. This streamlines regulatory compliance but requires banks to update their internal systems and train staff. The move aligns with RBI's broader digitization push.
What you must do
- Identify the six returns listed in the annex and assess current submission processes.
- Prepare IT systems and staff for online filing; ensure data accuracy and format compliance.
- Monitor RBI notifications for the exact go-live date and any technical guidelines.
- Test the online submission portal once available to avoid last-minute issues.
Who it affects
All Scheduled Commercial Banks, All Small Finance Banks, All Local Area Banks, Compliance and IT departments
Which returns are being moved to online filing?
Six returns: Collateral Loan (up to Rs 25 lakh and CGS-covered), Composite Loans (up to Rs 1 crore), Quarterly Priority Sector Advances (PSA), Annual State-wise PSA, Granular PSA data, and Natural Calamity Notification.
When will the online filing start?
The exact date has not been announced yet. RBI will notify it in due course. Banks should stay alert for further circulars.
Do we need to stop paper submissions immediately?
No. Continue existing submission methods until RBI notifies the online filing date. The change is prospective.