RBI to Move Six Returns to Online Filing Under RRA 2.0
Current · Source: Reserve Bank of India · RBI/2021-22/173 · issued 18 Feb 2022 · ~2 min read
Quick answerRBI will convert six paper/email-based returns (e.g., FCY-Rupee Option Transactions, Suspicious Transactions) to online submission under RRA 2.0. The exact go-live date will be notified later; until then, current filing methods continue.
The rule, in the simplest words
Banks will need to file six specific returns online instead of paper or email.
The six returns include FCY-Rupee options, non-resident bank accounts, suspicious transactions, interest rate risk positions, cross-border remittances from rupee derivatives, and FX client transactions.
Banks should prepare internal systems and processes for online filing and monitor RBI notifications for the exact go-live date.
How it plays out — a real example
A KYC & compliance officer in Indore, Mr. Kumar, is preparing his bank's systems for the upcoming change. He reviews the list of six returns in the Annex to understand which submissions will move online and starts training his team on the new online process. Once the go-live date is notified, Mr. Kumar will ensure that all returns are filed through the online portal, streamlining data collection and reducing manual errors.
What changed
RBI announced plans to shift six specific returns from paper or email submission to an online platform, as part of the interim recommendations of the Regulations Review Authority (RRA 2.0). The affected returns include those related to FCY-Rupee options, non-resident bank accounts, suspicious transactions, interest rate risk positions, cross-border remittances from rupee derivatives, and FX client transactions. The exact date for this change will be announced later, and existing submission methods remain valid until then.
What it means for you
Banks and eligible market participants will eventually need to file these returns through an online portal instead of paper or email, which should streamline data collection and reduce manual errors. The transition may require system updates and staff training to ensure compliance with the new online process. Until the go-live date is notified, no immediate action is needed, but banks should prepare for the change.
What you must do
Review the list of six returns in the Annex to understand which submissions will move online.
Prepare internal systems and processes for eventual online filing of these returns.
Monitor RBI notifications for the exact go-live date and any further instructions.
Continue submitting returns via existing paper/email methods until the new system is activated.
Who it affects
All eligible market participants (AD banks), Banks maintaining rupee accounts of non-resident banks, Banks dealing in FCY-INR options and rupee interest rate derivatives, Banks handling cross-border remittances from rupee derivatives
❓ Common questions
When will the online submission start?
RBI has not yet announced the exact date. It will be notified in due course. Until then, continue using current paper or email methods.
Which returns are being moved online?
Six returns: FCY-Rupee Option Transactions, List of Offices/Branches Maintaining Rupee Accounts of Non-Resident Banks, Suspicious Transactions by Non-Resident Importers/Exporters, Interest Rate Risk Positions for Clients, Cross-border remittances from Rupee interest rate derivatives, and FX transactions with clients across channels.
Do we need to change anything now?
No immediate changes are required. Keep filing as before and watch for RBI's notification on the go-live date.
📜 Read the original circular — full text as issued by RBI
RBI/2021-22/173
FMRD.DIRD.13/14.03.59/2021-22
February 18, 2022
To
All Eligible Market Participants
Madam / Dear Sir
Regulations Review Authority (RRA 2.0) – Interim Recommendations –
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 convert the paper based/ e-mail-based returns listed in the Annex to online filing. The exact date of online filing of the returns listed in the Annex would be notified in due course. Till such time, the returns may continue to be submitted as hitherto.
Yours faithfully,
(Dimple Bhandia)
Chief General Manager
Encl: As above
Annex
List of Returns to be converted into Online submission
S.No.
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2021-22/173 · issued 18 Feb 2022. The plain-English explanation above is BankPulse’s own independent summary.
Prepare internal systems and processes for eventual online filing of these returns.
Continue submitting returns via existing paper/email methods until the new system is activated.
📜 Compliance
Review the list of six returns in the Annex to understand which submissions will move online.
Monitor RBI notifications for the exact go-live date 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 eligible market participants (AD banks), Banks maintaining rupee accounts of non-resident banks, Banks dealing in FCY-INR options and rupee interest rate derivatives, Banks handling cross-border remittances from rupee derivatives), your first concrete step on “RBI to Move Six Returns to Online Filing Under RRA 2.0” is: “Review the list of six returns in the Annex to understand which submissions will move online.” (RBI issued this 18 Feb 2022).
Circular: RBI/2021-22/173 -- RBI to Move Six Returns to Online Filing Under RRA 2.0
Issued: 18 Feb 2022
Action required: Review the list of six returns in the Annex to understand which submissions will move online.
Action required: Prepare internal systems and processes for eventual online filing of these returns.
Action required: Monitor RBI notifications for the exact go-live date and any further instructions.
Action required: Continue submitting returns via existing paper/email methods until the new system is activated.
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=12245&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.
Help us keep this accurate
Found an inaccuracy or have an improvement? Tell us. Every report is reviewed by our team before any change is made — nothing goes live unverified.
Public beta — plain-English informational summaries. Always verify against the official RBI source (circular number cited on every page) before making compliance, credit, treasury, audit, or operational decisions. · Join our WhatsApp channel ↗
BANKPULSE · FREE DAILY BRIEF
Get RBI updates for your role
Every important RBI update, decoded in plain English — for your career, exams & financial awareness.
We collect only your email, name and role, used solely to send your brief — never sold or shared. Withdraw anytime via the unsubscribe link in any email. Independent platform, not affiliated with the RBI. Information, not legal advice.
REPORT AN ERROR · BETA
Spotted an error? Earn 500 BankPulse Credits
Help us stay accurate. If your correction is verified true and approved by our founder, you earn 500 BankPulse Credits — redeemable when the platform monetises.
Reviewed by a human before any credit is awarded. We never change the site from crowd input without verification.
WANT A NEW FEATURE · BETA
What would make BankPulse more useful for you?
Tell us what to build next — a tool, a data view, a role page, anything. We read every suggestion.
Thank you — your ideas directly shape what we build.