Section 31 of the Banking Regulation Act, 1949: Submission of Returns

Section 31 governs the publication and submission of a banking company's annual accounts, balance-sheet and auditor's report. It sets the ordinary filing period with the Reserve Bank of India and permits the Reserve Bank to grant a limited extension.

Last reviewed: 14 September 2026

At a glance

The accounts and balance-sheet referred to in Section 29, together with the auditor's report, must be published in the prescribed manner.
For banking companies generally, three copies are to be furnished to the Reserve Bank within three months from the end of the relevant period.
The Reserve Bank may extend that three-month period by a further period not exceeding three months.
For co-operative banks, Section 31 operates with the modifications contained in Section 56 of the Act, including a substituted six-month period.

Text and meaning of Section 31

Section 31 - Submission of returns.

The accounts and balance-sheet referred to in section 29 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.

The Reserve Bank may, in a case, extend the three-month period for furnishing the returns by a further period not exceeding three months.

The section also contains a further proviso concerning a regional rural bank furnishing such returns to the National Bank.

In practical terms, Section 31 links the financial statements prepared under Section 29 and the audit required under Section 30 with a statutory publication and return-filing obligation. The return is therefore not an independent statement: it consists of the relevant accounts and balance-sheet together with the auditor's report.

What does the reference to Section 29 mean?

Section 29 of the Banking Regulation Act, 1949 deals with the preparation of accounts and balance-sheet of a banking company. Section 31 then requires those financial statements, along with the auditor's report, to be published in the prescribed manner and furnished to the Reserve Bank within the statutory time limit.

Time limit for submission to the Reserve Bank

For banking companies to which Section 31 applies without the special co-operative bank modifications, the statutory period is three months from the end of the period to which the accounts relate. The Reserve Bank may grant an extension, but the additional period cannot exceed three months.

Important distinction for co-operative banks: Section 56 applies the Banking Regulation Act to co-operative banks with specified modifications. In relation to Section 31, the words referring to a three-month period are substituted by a six-month period for co-operative banks. The modified proviso also requires a co-operative bank other than a primary co-operative bank to furnish the returns to the National Bank.

Section 31 read with Section 56 for co-operative banks

Section 56 modifies various provisions of the Act when they apply to co-operative banks. For Section 31, the filing period is modified from three months to six months. The corresponding extension language is also modified from three months to six months.

Section 56 further substitutes the additional-filing proviso so that a co-operative bank other than a primary co-operative bank must furnish the returns also to the National Bank. Reserve Bank material identifies the National Bank in this context as the National Bank for Agriculture and Rural Development (NABARD).

Compliance points

Identify whether the institution is governed by the ordinary text of Section 31 or by the co-operative bank modifications in Section 56.
Ensure the accounts and balance-sheet are those required under Section 29 and are accompanied by the auditor's report.
Track the statutory period from the end of the period to which the accounts relate.
Do not assume that an extension is automatic; the Act empowers the Reserve Bank to extend the period in a case, subject to the statutory maximum.
For co-operative banks covered by the additional requirement, ensure the return is also furnished to NABARD as applicable.

Official legal resources

For the current consolidated legislation, refer to the Banking Regulation Act, 1949 on India Code. For regulatory material concerning submission of returns under Section 31, see the Reserve Bank of India notification on submission of returns under Section 31.

This page is a general legal information resource. Statutory text, amendments, notifications, directions and institution-specific regulatory requirements should be checked from the latest official sources before compliance or legal use.