Exclusive Webinar :Gain complete knowledge about how you can invest in global markets during an insightful webinar on April 16 at 11 am. Register Now!
you are here: HomeNewsIndia

Coronavirus pandemic | RBI grants more time to banks to file regulatory returns

The central bank has listed 18 regulatory returns which banks and All India Financial Institutions can submit with a delay of a maximum 30 days.

April 30, 2020 / 04:36 PM IST

The RBI on Thursday permitted banks to file regulatory returns with a delay of up to 30 days from the due date as several entities face difficulties in timely submission in view of the disruptions on account of the coronavirus outbreak.

The central bank has listed 18 regulatory returns which banks and All India Financial Institutions can submit with a delay of a maximum 30 days.

These include 'payment of dividend', 'statement of shareholding (Restrictions on holding shares)', 'PSU investment statement' and 'return on large exposure'.

"In order to mitigate the difficulties in timely submission of various regulatory returns, in view of disruptions on account of COVID-19 pandemic, it has been decided to extend the timelines for their submission," the Reserve Bank of India said in a circular.

Coronavirus India LIVE Updates

Close

COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more
Show

Accordingly, all regulatory returns required to be submitted by such entities to the Department of Regulation can be submitted with a delay of up to 30 days from the due date.

"The extension will be applicable to regulatory returns required to be submitted upto June 30, 2020," it said.

However, the entities that are in a position to submit the returns earlier may continue to do so.

The circular also said that all communication to the Department of Regulation should be through corporate e-mail to the extent possible (i.e., without involving physical movement of papers).

RBI further said "no extension" in timeline is permitted for submission of statutory returns like returns related to CRR/SLR.

The RBI has also extended the revised window timings of 'Fixed Rate Reverse Repo and MSF operations' till further notice in view of the continuing disruptions caused by COVID-19.

The revised timing is 09.00 am to 11.59 pm as against the usual 5:30 pm to 11:59 pm.

The timings were earlier revised from March 31 till April 30.

Follow our full coverage of the coronavirus pandemic here.
PTI
first published: Apr 30, 2020 04:30 pm

stay updated

Get Daily News on your Browser
Sections