Mumbai: The Reserve Bank of India (RBI) has shortened the time frame for submitting reports for regulated entities as it attempts to reduce the compliance burden and get information faster.
The new guideline says that all commercial banks should submit to the banking regulator all audited returns within five working days from the date of signing of the auditor’s as against the present practice of seven days. Balance sheet analysis should be submitted within five days of the auditor signing it as opposed to soon after the statutory audit of accounts.
Returns for all months regarding the interest rate sensitive (IRS) returns should be submitted within 15 days. The allocation of branches to statutory branch auditors by public sector (PSU) banks should be updated online in the RBI’s AAS system a month from the date of appointment of the auditor.
The half-yearly and quarterly review of accounts by the PSU banks would be submitted to RBI within 21 days from the date of receipt of the report from the statutory central auditor.
