**Policy Summary: Mandatory Reporting Requirements for Government-Owned Non-Banking Financial Companies (NBFCs)**
This policy, issued by the Reserve Bank of India (RBI) on March 15, 2018, mandates that all government-owned Non-Banking Financial Companies (NBFCs), as defined in Clause 45 of Section 2 of the Companies Act, 2013 and registered with the RBI under Section 45-IA of the Reserve Bank of India Act, 1934, implement a reporting system for filing periodic returns with the RBI. This directive applies the Master Direction - Non-Banking Financial Company Returns (Reserve Bank Directions, 2016) dated September 29, 2016, to these NBFCs. The returns, compiled from the NBFCs' books of accounts, must be filed online via the COSMOS software package by an official authorized by the NBFC's Board of Directors. The name of the authorized official is to be communicated to the RBI. The first set of returns are due for: (i) the last Friday of December 2017 for the weekly return; (ii) the quarter ended December 31, 2017 for the quarterly returns; (iii) the half-year ending March 31, 2018 for the half-yearly returns; and (iv) the year ending March 31, 2018 for the annual returns. All weekly and quarterly returns up to December 31, 2017 were to be submitted by April 15, 2018, with subsequent submissions adhering to the timelines stipulated in the Master Direction. Dr. Sathyan David, Chief General Manager, is the contact person at the RBI. The reference number for this policy is RBI/2017-18/141 DNBS.PD.CC.No.192566/08.001/2017-18.
Key Entities Referenced
Reserve Bank of India: The central bank of India, responsible for regulating the banking sector.
Non-Banking Financial Companies (NBFCs): Financial institutions that provide banking services without holding a banking license.
Government-Owned Non-Banking Financial Companies: NBFCs that are owned by the government.
Reserve Bank of India Act, 1934: The act that established the Reserve Bank of India and defines its powers and functions.
Master Direction Non-Banking Financial Company Returns Reserve Bank Directions, 2016: A set of directions issued by the Reserve Bank of India regarding the submission of returns by NBFCs.
Companies Act, 2013: An act of the Parliament of India that regulates incorporation of a company, responsibilities of a company, directors, dissolution of a company.
COSMOS: Software package used by NBFCs for online filing of returns with the Reserve Bank of India.
Dr. Sathyan David: Chief General Manager at Reserve Bank of India
भारतीय �रज़व र्बक�
RESERVE BANK OF INDIA
www.rbi.org.in
RBI/2017-18/141
DNBS.PD.CC.No.1925/66.08.001/2017-18 March 15, 2018
To
All Government-Owned Non-Banking Financial Companies (NBFCs)
Madam/ Sir,
Submission of returns by the
Government-owned Non-Banking Financial Companies
In exercise of the powers conferred by sections 45JA, 45K and 45L of the
Reserve Bank of India Act, 1934 (hereinafter referred to as the RBI Act), it has been
decided to apply the Master Direction – Non-Banking Financial Company Returns
(Reserve Bank) Directions, 2016 dated September 29, 2016 to all the Non-Banking
Financial Companies, being Government Companies as defined in Clause 45 of section 2
of the Companies Act, 2013, and registered with Reserve Bank of India under section
45IA of the Reserve Bank of India Act, 1934 (“such NBFCs”).
2. Accordingly, all such NBFCs shall put in place a reporting system for filing periodic
returns with the Bank, as detailed in the aforesaid Master Directions, to the extent
applicable to them (as per their size and whether they accept public deposits). The returns
should be compiled on the basis of the figures available in the books of accounts of such
NBFCs and filed with the RBI on-line (using the COSMOS software package) by an
authorised official of the NBFC, who shall be specifically authorised in this regard by the
Board of Directors of such NBFC concerned. The name of the authorised official may be
informed to us.
3. The first set of returns should be filed with effect from the: (i) last Friday of
December 2017 for the weekly return; (ii) quarter ended - December 31, 2017 for the
quarterly returns; (iii) half-year ending March 31, 2018 for the half-yearly returns; and (iv)
year ending March 31, 2018 for the annual returns. All weekly, quarterly returns upto
December 31, 2017 shall be submitted by April 15, 2018. Thereafter, these returns shall
be submitted within the timeline stipulated in the Master Direction on returns to be
submitted by NBFCs.
Yours faithfully,
(Dr. Sathyan David)
Chief General Manager