Introduction: The Reserve Bank of India (RBI) has issued a directive to all commercial banks regarding the submission of statutory returns, including Form A, Form VIII, and Form IX. This directive outlines the transition from the XBRL Portal to the Centralised Information Management System (CIMS) Portal for these submissions.
Detailed Analysis:
1. Transition to CIMS Portal: With the launch of the Centralised Information Management System (CIMS), RBI has decided to shift the submission of Form A, Form VIII, and Form IX Returns from the XBRL Portal to the CIMS Portal. This transition aims to streamline data reporting processes and enhance efficiency.
2. Submission Timelines: Commercial banks are required to adhere to the following timelines for submitting statutory returns on the CIMS Portal:
- Fortnightly Form A Return: Starting from Reporting Friday, June 14, 2024.
- Monthly Form VIII Return: Starting from May 2024.
- Annual Form IX Return: Starting from December 31, 2024.
3. Concurrent Submission: Until the specified dates/months mentioned above, banks are instructed to submit Form A and Form VIII returns on both the XBRL and CIMS portals concurrently. This ensures a smooth transition period for banks to adapt to the new reporting system.
Conclusion: The RBI’s directive regarding the transition to the CIMS Portal for submitting statutory returns signifies a strategic move towards modernizing data reporting mechanisms in the banking sector. By leveraging advanced technology and centralizing information management, the RBI aims to enhance transparency, accuracy, and timeliness in regulatory reporting. Commercial banks need to comply with the transition timelines and ensure seamless integration with the new reporting platform to maintain regulatory compliance.
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RESERVE BANK OF INDIA
RBI/2024-25/16
DoR.RET.REC.12/12.01.001/2024-25
April 15, 2024
The Chairperson / CEOs of all Commercial Banks
Madam / Dear Sir,
CIMS Project Implementation – Submission of Statutory Returns (Form A, Form VIII and Form IX) on CIMS Portal
In terms of Para 29 of the Master Direction – Reserve Bank of India [Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR)] Directions – 2021 (Updated as on September 25, 2023), banks submit the statutory Form A, Form VIII and Form IX (on unclaimed deposits) Returns in electronic form on the eXtensible Business Reporting Language (XBRL) Portal.
2. Following the launch of Reserve Bank’s next generation data warehouse, viz., the Centralised Information Management System (CIMS), it has been decided to shift the submission of Form A, Form VIII and Form IX Returns from the XBRL Portal to the CIMS Portal. Banks shall, accordingly, submit the fortnightly Form A Return from the Reporting Friday June 14, 2024, monthly Form VIII Return from May 2024 and the annual Form IX Return from December 31, 2024 respectively on the CIMS Portal only.
3. Banks shall continue to submit Form A & Form VIII both on XBRL as well as CIMS portals concurrently till the date/month indicated above.
Yours faithfully,
(Manoranjan Padhy)
Chief General Manager
