What changed
RBI has discontinued LRS monthly and daily return submissions via the XBRL site effective December 26, 2023. All AD Category-I banks must now upload these returns exclusively on the Centralised Information Management System (CIMS) portal, using return codes R089 (monthly) and R010 (daily). Banks already onboarded on CIMS were submitting on both platforms; this shift makes CIMS the sole channel.
What it means for you
Banks must ensure their systems are fully integrated with CIMS to avoid reporting gaps, as XBRL submissions will no longer be accepted. The move centralizes LRS data in RBI’s new data warehouse, likely improving data consistency and monitoring. Monthly returns for December 2023 must be filed by January 5, 2024, and daily returns from December 26 onward must be filed the next working day.
What you must do
- Verify your bank's CIMS portal access and user credentials for return codes R089 and R010.
- Update internal reporting workflows to submit LRS monthly returns by the 5th of each month and daily returns by the next working day.
- Ensure staff are trained to file NIL reports on CIMS when no LRS transactions occur.
- Communicate the change to all relevant branches and compliance teams handling LRS remittances.
Who it affects
AD Category-I banks, Compliance and reporting teams handling LRS transactions, Branch staff processing resident individual remittances under LRS
What are the new deadlines for LRS returns on CIMS?
Monthly returns (R089) must be uploaded by the 5th of the following month, starting with December 2023 data due by January 5, 2024. Daily returns (R010) must be uploaded by the next working day from December 26, 2023 onward.
What if my bank has no LRS transactions to report?
You must still upload a 'NIL' report on the CIMS portal for both monthly and daily returns. Failure to submit any report may be treated as non-compliance.
Is the XBRL site still available for LRS reporting?
No, effective December 26, 2023, XBRL submissions for LRS returns are discontinued. All reporting must be done exclusively through the CIMS portal at https://sankalan.rbi.org.in.