The Reserve Bank of India on Friday has changed the daily reporting system at cooperative banks after the collapse of Punjab and Maharashtra Cooperative Bank following the unearthing of over Rs 4,000 crore fraud there.

In a circular addressed to chief executives of all cooperative banks, the RBI has asked them to replace the existing system of email-based reporting at the branches to a web-based central system. This will make use of RBI’s Central Information System for Banking Infrastructure (CISBI) which is an online portal that presently allots Basic Statistical Return (BSR) code to branches and offices of all banks.

These instructions are being issued in supercession of all the instructions issued on the subject so far, it said,

“Consistent with the needs of branch licensing and financial inclusion policies as well as the need for requisite coverage of additional dimensions/features, a new reporting system — Central Information System for Banking Infrastructure, has been web-deployed to replace the legacy MOF system,” the central bank notification said.

These banks have been given a period of a month to notify the regulators of the extent of compliance. Under the new system, all cooperative banks are required to submit their information in a single proforma online on the CISBI portal, as compared with the earlier system of submitting separate documents with information about daily business activity at the bank through e-mail, according to the RBI notification.