RBI vide circular dated February 27, 2024 has issued the revised Master Direction – Reserve Bank of India (Filing of Supervisory Returns) Directions – 2024. This is part of a series of steps initiated by RBI to reduce the burden of compliance on the regulated entities based on the recommendations of the Regulations Review Authority (RRA 2.0) and an Internal Working Group of RBI.
The revised Master Direction provides a broader framework to understand the purpose of the returns and harmonizes the timelines for their submission. This Direction removes certain instructions that have become obsolete and consolidates twenty existing instructions, including one Master Direction for Non Banking Financial Companies. It creates a single document for ensuring compliance related to submission of all supervisory data.
The revised framework has relaxed due dates for all All Audited Returns. The revised Regulatory structure for NBFCs shall comprise of four layers. Accordingly, the schedule of returns for NBFCs has been revised to reflect the applicability as per these four layers and the revised framework.
