The Reserve Bank of India vide its notification dated 26th August 2020 has extended the time limit for submission of accounts and balance-sheet together with the auditor’s report till 30th September 2020.
Under section 31 of the Banking Regulation Act, 1949 read with Section 56 the Act, accounts and balance-sheet referred to in section 29 of the Act together with the auditor’s report shall be published in the prescribed manner and three copies thereof shall 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.
However due to the ongoing COVID-19 pandemic, the UCBs have been difficulties in submission of the returns, therefore RBI has extended the said period of three months for 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.
Accordingly, all UCBs shall ensure submission of the aforesaid returns to Reserve Bank on or before September 30, 2020.
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