RBI invites comments on the “Draft Disclosure framework on Climate-related Financial Risks, 2024”

The Reserve Bank of India has placed on its website the Draft guidelines on Disclosure framework on Climate-related Financial Risks, 2024. These guidelines shall be applicable to all Scheduled Commercial Banks (excluding Local Area Banks, Payments Banks and Regional Rural Banks), All Tier-IV Primary (Urban) Co-operative Banks, All All-India Financial Institutions (viz. EXIM Bank, NABARD, NaBFID, NHB and SIDBI) and All Top and Upper Layer Non-Banking Financial Companies (NBFCs).

Comments / feedback, if any, may be sent by e-mail with the subject line “Comments on Disclosure framework on Climate-related Financial Risks, 2024”, by April 30, 2024.

The guidelines shall be applicable to the following entities, collectively referred to as REs:

1. All Scheduled Commercial Banks (excluding Local Area Banks, Payments Banks and Regional Rural Banks)
2. All Tier-IV Primary (Urban) Co-operative Banks (UCBs)
3. All All-India Financial Institutions (viz. EXIM Bank, NABARD, NaBFID, NHB and SIDBI)
4. All Top and Upper Layer Non-Banking Financial Companies (NBFCs)

The REs shall disclose the information detailed in these guidelines on a standalone basis and not consolidated basis. Foreign banks shall make disclosures specific to their operations in India.