The Reserve Bank of India vide its notification dated 4th June 2021 has extended the time limit for submission of accounts and balance-sheet together with the auditor’s report till 30th September 2021.
Under section 31 of the Banking Regulation Act, 1949 read with Section 56 the Act, accounts and balance-sheet referred to in section 29 of the Act together with the auditor’s report shall be published in the prescribed manner and three copies thereof shall be furnished as returns to the Reserve Bank within three months from the end of the period to which they refer. In terms of the first proviso to the above section, Reserve Bank may in any case extend the said period of three months for the furnishing of such returns by a further period not exceeding three months.
Since many of the Primary (Urban) Co-operative Banks (UCBs), State Co-operative Banks and Central Co-operative Banks are facing difficulties in finalising their Annual Accounts due to the ongoing COVID-19 pandemic, RBI has considered it necessary to allow more time for submission of the aforesaid return during the current period.
Therefore all UCBs, State Co-operative Banks, and Central Co-operative Banks shall ensure submission of the aforesaid returns to Reserve Bank on or before 30th September 2021.
