RBI: Extension for 3 months given to UCBs for Submission of Returns.

Reserve Bank of India released a notification on August 26, 2020, which stated that the date for Submission of returns by the primary (urban) co-operative banks (UCBs), under Section 31 of the Banking Regulation Act, 1949 was further extended for three months that is till September 30, 2020, according to the Banking Regulation (Amendment) Ordinance, 2020.

The notification said, “In terms of section 31 of the Banking Regulation Act, 1949 (“the Act”) read with Section 56 the Act [as amended by the Banking Regulation (Amendment) Ordinance, 2020], 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.”

RBI’s notification further stated that the Banking Regulation (Amendment) Ordinance, 2020 in respect of Section 31 of the Bank Regulation Act, 1949 was earlier notified on June 29, 2020, for the UCBs as they may be facing difficulties in submission of the returns due to the ongoing COVID-19 pandemic, for the financial year ended on March 31, 2020.

Therefore keeping in view this situation only the Reserve Bank decided to furthermore extend the time for submission of returns for the financial year March 31, 2020, to a period of three months so that all the UCBs can submit their returns to R.B.I. on or before September 30, 2020.

With Warm Regards,

CL Bureau.