RBI mandates submission of the Non-Resident Deposits – Comprehensive Single Return (NRD-CSR) through the CIMS Sankalan Portal, replacing the XBRL platform. All Authorised Dealers must comply with the updated reporting mechanism effective October 1, 2026.
NRD-CSR Returns Now Mandatory via CIMS Sankalan Portal
The Reserve Bank of India has directed all Authorised Dealers maintaining Non-Resident Deposit (NRD) accounts to submit the NRD-CSR (R012) return exclusively through the CIMS Sankalan Portal, effective October 1, 2026. This supersedes the earlier requirement of submission via the XBRL platform as outlined in A.P. (DIR Series) Circular No. 19 dated August 7, 2013.
The shift to CIMS Sankalan aims to enhance data integration, reduce reporting lag, and improve surveillance capabilities. The return covers deposits under FCNR(B), NRE, and NRO accounts, requiring monthly reporting of inflows, outflows, balances, and resident status verification.
Impact on compliance: Legal and compliance departments of AD banks must realign internal reporting workflows to meet the new platform requirements. Failure to report accurately or timely may attract scrutiny under FEMA, 1999, particularly concerning capital account monitoring and KYC norms for NRI accounts.
Citations
- A.P. (DIR Series) Circular No. 24, 2026
- FEMA, 1999