NABARD notifies on ENSURE portal regarding Review of Matrix of Policies Return

Jun 23, 2022 | by TeamLease RegTech Legal Research Team

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Industry Specific ComplianceThe National Bank for Agriculture and Rural Development (NABARD) on May 23, 2022 has issued a notification on ENSURE portal regarding Review of Matrix of Policies Return which has been introduced to ensure continuous monitoring of the status of implementation of various policies in banks.

NABARD has decided to review the Matrix of Policies to include instructions issued by RBI / NABARD after March 31, 2020 and also to revise the due date for submission of the return on the lines of OSS returns. The revised return has now been published in ENSURE portal and the banks were advised vide our email dated 06 April 2022 to submit the return for the period ending March 31, 2022 within due date.

The return on MoP has been revised as followed:

• Existing policies: Updated to include compliance to all instructions;

• New policies: Issued after 31 March 2020 has been included;

• Periodicity of the return: Half-yearly (period ending 30 September / 31 March)

• Due Date: Within 15 days from the half year ended on 30 September / 31 March

• Submission by: The Compliance Officer of the bank

The revised return for the half-year ending March 31, 2022 may be submitted by May 15, 2022 and from September 2022 onwards, the return should be submitted within 15 days. NABARD also advised all the banks to review the position of implementation of each of the policies, initiate necessary action wherever required and update the position in the ENSURE portal, within the prescribed timeframe.

Adoption and implementation of various policies / procedures / guidelines will be reviewed by NABARD as part of on-site / off-site inspection / monitoring and in case of non-adherence / non-compliance, NABARD will initiate the following course of action: 

• Non-compliance for 1 year: Issue letter of caution to the bank with instructions to initiate action for achieving 100 percent compliance by September 30, 2022. 

• Non-compliance for 2 years: Issue letter of displeasure to the Supervised Entity (SE) with instructions to devise an action plan, wherever required for achieving 100 percent compliance by September 30, 2022, failing which supervisory action will be recommended against the bank. 

• Non-compliance for more than 2 years: NABARD will recommend supervisory action / punitive action against the bank to RBI which in turn will affect the Supervisory Rating of the bank. 

It is mandatory for all the banks to comply to the above said things on or before September 30, 2022

[Notification No. 107 / DoS - 12 /2022]


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