What changed
RBI issued a master circular compiling all existing instructions on returns to be submitted by NBFCs (excluding RNBCs) as of June 30, 2010. This circular does not introduce new requirements but consolidates previous circulars into a single reference document.
What it means for you
NBFCs now have a single source for all return submission requirements, reducing confusion and compliance risk. Banks and lenders dealing with NBFCs can use this circular to verify counterparty compliance and reporting timelines.
What you must do
- Review the master circular to ensure your NBFC's return submission schedule matches the consolidated list.
- Update internal compliance calendars with due dates for NBS-1 through NBS-7, ALM returns, and auditor certificates.
- Verify that your NBFC's asset size and deposit status correctly determine which returns apply.
- Ensure statutory auditors are aware of the annual certificate requirement regarding NBFC classification and asset/income pattern.
Who it affects
All NBFCs excluding RNBCs, Deposit-taking NBFCs (NBFCs-D), Non-deposit-taking systemically important NBFCs (NBFCs-ND-SI), Non-deposit-taking NBFCs with assets between Rs 50 crore and Rs 100 crore, NBFCs with foreign direct investment (FDI)
What is the due date for the annual NBS-1 return?
The NBS-1 return is due by September 30 each year, based on data as of March 31 (within 6 months of reference date).