As announced in Statement on Developmental and Regulatory Policies issued as partaof Monetary Policy Statement dated August 10, 2023, the Reserve Bank has issuedMaster DirectionReserve Bank of India (Filing of Supervisory Returns) Directions2024 to bring clarity, brevity and harmonization to the instructions issued to varioussupervised entities for submission of returns. This is part of a series of steps initiated byRBI to reduce the burden of compliance on the regulated entities based on therecommendations of the Regulations Review Authority (RRA 2.0) and an InternalWorking Group of RBI.
The Master Direction provides a broader framework to understand the purpose of thereturns and harmonises the timelines for their submission. This Direction removes certaininstructions that have become obsolete and consolidates twenty existing instructions,including one Master Direction for Non-Banking Financial Companies. It creates a singledocument for ensuring compliance related to submission of all supervisory data. Asummary of all changes made are also includedthe Master Direction for ease ofreference.