RBI extends the date for submission of returns by State Co-operative Banks and Central Co-operative Banks

The RBI vide circular dated October 13, 2020 has extended the date for submission of returns under Section 31 (read with section 56) of the Banking Regulation Act, 1949. State Co-operative Banks and Central Co-operative Banks are required to furnish three copies of accounts and balance sheet together with auditor’s report as returns to the Reserve Bank and the National Bank (NABARD) within six months from the end of the period to which they refer, i.e, by September 30, 2020 for the financial year 2019-20. The Reserve Bank has extended the period for furnishing of the returns under Section 31 of the Act for the financial year ended on March 31, 2020 by a further period of three months to reduce the burden of pandemic outbreak and subsequent lockdown.