Page 58 - Banking Finance January 2024
P. 58
RBI CIRCULAR
RBI
CIRCULAR
Fair Lending Practice - Penal Charges in Centralised Information Management Sys-
Loan Accounts: Extension of Timeline for tem (CIMS)
Implementation of Instructions December 22, 2023
December 29, 2023 1. Attention of Authorised Dealer Category I banks is
invited to A.P. (DIR Series) Circular No. 75 November
1. Reference is invited to RBI circular DoR.MCS.REC.28/ 19, 2013 read with A.P. (DIR Series) Circular No. 20
01.01.001/2023-24 dated August 18, 2023 on Fair Lend- dated March 13, 2018 relating to Trade Credits for
ing Practice - Penal Charges in Loan Accounts. imports into India and submission of quarterly state-
2. In terms of paragraph 3 (viii) of the circular, the instruc- ment on issuance of guarantees therefor by AD banks
tions were to come into effect from January 1, 2024. on the eXtensible Business Reporting Language (XBRL)
However, considering that certain clarifications and platform.
additional time has been sought by some regulated
2. With the launch of the Reserve Banks next generation
entities (REs) to reconfigure their internal systems and
data warehouse viz., the Centralised Information Man-
operationalize the circular, it has been decided to ex- agement System (CIMS), it has been decided to shift
tend the timeline for implementation of the instructions the arrangement for reporting of quarterly data on
by three months. Accordingly, REs shall ensure that the
instructions are implemented in respect of all the fresh issuance of guarantees for trade credits by AD banks,
loans availed from April 1, 2024 onwards. In the case from XBRL platform to CIMS. The statement has been
of existing loans, the switchover to new penal charges assigned return code- R131 on CIMS.
regime shall be ensured on the next review/ renewal 3. AD Category I banks have already been onboarded on
date falling on or after April 1, 2024, but not later than the CIMS platform and are currently submitting the
June 30, 2024. aforesaid return on XBRL site as well as the CIMS por-
tal. Henceforth, AD Category-I banks shall furnish the
3. A set of frequently asked questions (FAQs) providing
return only on the CIMS portal (URL: https://
clarifications related to implementation of the circular
will be uploaded in the FAQs section of the RBI website sankalan.rbi.org.in/) as submission of the return
shortly. through the XBRL site will be discontinued with effect
from December 26, 2023.
Trade Credit for imports into India Sub- 4. The Master Direction - External Commercial Borrow-
ing, Trade Credit and structured Obligation dated
mission of return on issuance of bank
March 26, 2019 (as amended from time to time) shall
guarantees for Trade Credits on the accordingly be updated to reflect the above changes.
BANKING FINANCE | JANUARY | 2024 | 51
