The Reserve Bank of India (RBI) has extended the furnishing of the returns under Section 31 of the Act for the financial year ended on March 31, 2020, by a further period of three months for the primary (urban) co-operative banks (UCBs).
This notification comes in the wake of recognizing the difficulties faced by the UCBs in the submission of the returns due to the ongoing COVID-19 pandemic and the necessity to allow more time for submission of the return for the financial year ended on March 31, 2020.
In terms of section 31 of the Banking Regulation Act, 1949 (“the Act”) read with Section 56 the Act [as amended by the Banking Regulation (Amendment) Ordinance, 2020], accounts and balance-sheet referred to in section 29 of the Act together with the auditor‘s report are to be published in the prescribed manner and three copies thereof are to be furnished as returns to the Reserve Bank within three months from the end of the period to which they refer. In terms of the first proviso to the above section, Reserve Bank may in any case extend the said period of three months for the furnishing of such returns by a further period not exceeding three months.
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