RBI extends time for Submission of annual returns by UCBs to 30.09.2020

RBI extends time for Submission of annual returns by UCBs to 30.09.2020

As per section 31 of the Banking Regulation Act, 1949 read with Section 56 [as amended by the Banking Regulation (Amendment) Ordinance, 2020], accounts and balance-sheet together with the auditor’s report are required to be published and furnished as returns to the Reserve Bank within three months.

However, Reserve Bank may may extend the said period of three months for the furnishing of such returns by a further period not exceeding three months.

RBI, in view that the said Ordinance amending, inter alia, Section 31 had been notified on June 29, 2020 for the primary (urban) co-operative banks (UCBs) and also as UCBs may be facing difficulties in submission of the returns due to the ongoing COVID-19 pandemic, extended the deadline for submission of the aforesaid return for the financial year ended on March 31, 2020.

The period of three months has been extended for furnishing of the returns for the financial year ended on March 31, 2020 by a further period of three months to September 30, 2020

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