Master Direction – Reserve Bank of India (RBI) (Filing of Supervisory Returns) Directions – 2024.

As announced in the Statement on Developmental and Regulatory Policies issued as part of Monetary Policy Statement dated August 10, 2023, the Reserve Bank has issued Master Direction – Reserve Bank of India (Filing of Supervisory Returns) Directions – 2024 to bring clarity, brevity and harmonization to the instructions issued to various supervised entities for submission of returns. 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 Master Direction provides a broader framework to understand the purpose of the returns and harmonises 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. A summary of all changes made are also included in the Master Direction for ease of reference.

The Press Release: 2023-2024/1948 dated February 27, 2024, can be accessed at: https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=57398