What changed
The standard three-month window for submitting annual returns (accounts, balance sheet, auditor's report) for the FY ended March 31, 2021 has been extended by another three months. The new deadline for all Primary Urban Co-operative Banks, State Co-operative Banks, and Central Co-operative Banks is September 30, 2021. State and Central co-operative banks must also submit to NABARD by the same date.
What it means for you
Co-operative banks facing pandemic-related delays in finalising FY21 accounts get breathing room without penalty. This extension applies uniformly to all categories of co-operative banks regulated by RBI. Lenders should note that the relief is one-time for the March 2021 financial year only.
What you must do
- Ensure annual returns under Section 31 of BR Act are filed with RBI by September 30, 2021.
- State and Central co-operative banks must also submit the same returns to NABARD by September 30, 2021.
- Do not treat this extension as automatic for future years; revert to the standard three-month timeline from FY22 onwards.
Who it affects
Primary (Urban) Co-operative Banks, State Co-operative Banks, Central Co-operative Banks
Which financial year does this extension cover?
The extension applies only to the financial year ended March 31, 2021.
Do State and Central co-operative banks need to file separately with NABARD?
Yes, they must submit the same returns to NABARD as well, also by September 30, 2021.
Is this extension automatic for all co-operative banks?
Yes, RBI has granted the extension for all Primary Urban, State, and Central co-operative banks facing COVID-related difficulties.