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Informist, Tuesday, Dec. 9, 2025

NEW DELHI – The new reporting dates for banks for regulatory compliance approved under the Banking Laws (Amendment) Act, 2025, will take effect from Monday, the Department of Financial Services said in a gazette notification. "...the Central Government hereby appoints the 15th day of December, 2025 as the date on which the provisions of sections 2, 6, 7, 8, 9 and 14 of the said Act shall come into force," the department said.

Sections 2, 6, 7, 8, 9, and 14 of the Act help streamline reporting dates of banks, ensuring clearer supervision and greater compliance uniformity. They redefine the reporting dates for banks to the 15th and 30th of every month instead of the second and fourth Fridays. Monthly and quarterly return filing will also now follow calendar-end dates in order to simplify submissions. From Monday, the statutory reports for the 15th would be submitted on the 20th of the same month, and reports for the last day would be submitted by the 5th of the following month.

Section 14 particularly updates the special chapter dealing with cooperative banks by shifting them to a new "last day of the fortnight" reporting cycle, replacing the outdated alternate-Friday system. The amendment also removes provisions that no longer align with current regulatory practices, enabling cooperative banks to follow the same modern reporting structure used across the banking system.

The Parliament had on Mar. 26 passed the Banking Laws (Amendment) Bill, 2024. Beyond change in reporting dates, the Act had also enabled increasing options for nominees per bank account to four from the earlier one, amongst others. It also introduced changes relating to redefining 'substantial interest' of directors, which was increased to INR 20 million from the earlier limit of INR 0.5 million, which was fixed almost six decades ago.

Since March, the government has issued notifications to make the provisions of the act effective in tranches.  End

Reported by Priyasmita Dutta

Edited by Nishant Maher

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