Statutory Returns Move to CIMS Portal: Timeline & Action

What changed

RBI has decided to migrate the submission of three key statutory returns—Form A (fortnightly CRR/SLR), Form VIII (monthly), and Form IX (annual unclaimed deposits)—from the existing XBRL portal to the newly launched Centralised Information Management System (CIMS). Banks are required to submit these returns on the CIMS portal only, starting from specified dates: Form A from June 14, 2024, Form VIII from May 2024, and Form IX from December 31, 2024. Until these transition dates, banks must continue submitting the returns on both XBRL and CIMS portals concurrently.

What it means for you

This migration streamlines regulatory reporting into RBI's next-generation data warehouse, potentially improving data accuracy and processing efficiency. For banks, it means a new submission interface and possibly updated validation rules, requiring IT and compliance teams to adapt. The concurrent submission period allows for a phased transition, reducing operational risk. Banks should ensure their systems are configured for CIMS submission before the respective deadlines to avoid non-compliance.

What banks were required to do at the time

• Configure your systems to submit Form A, Form VIII, and Form IX on the CIMS portal by the respective deadlines.
• Continue dual submission on both XBRL and CIMS portals until the transition dates for each return.
• Train relevant staff on the CIMS portal submission process and any new validation rules.
• Coordinate with your IT and compliance teams to test CIMS submission before the go-live dates.
• Monitor RBI communications for any further guidance on CIMS portal usage.

Who it affects

All commercial banks in India, Compliance and regulatory reporting teams, IT departments managing statutory return submissions, Treasury and finance teams handling CRR/SLR reporting