On Aug. 14, 2025, RSA CB issued D1-2025 Directive to Repeal DI returns from regulations on mutual banks; in its introduction refers to consultation, other matters.
Per s4(6) Mutual Banks Act, all mutual banks, other interested persons must note the proposed deletion from the cited regulations will take effect from Dec. 1, 2025.
All DI returns, related instructions for their completion will in future be issued by PA as Directives per s4(6) Mutual Banks Act or determinations under prudential standards.
A copy of the Directive must made available to institution’s external auditors, attached acknowledgement of receipt duly completed and signed by both CEO of the entity and the said auditors, should be returned to PA at earliest convenience of the signatories.
On Dec. 3, RSA CB proposed repeal of DI returns/related instructions.
RSA CB issued consultation on a proposed directive amending regulations relating to mutual banks in relation to repeal of DI returns & related instructions for these banks.
Summary
Since its inception, section 91 of the Mutual Banks Act, 1993 (Act 124), has covered respective regulatory returns (DI returns) and the related instructions for issuance.
To support the ongoing work related to the Umoja system implementation project, including submission of various regulatory returns via Umoja portal, it was decided to remove DI returns and related instructions for their completion from the regulations.
In future, DI returns and the related instructions, will be issued either as directives as per Mutual Banks Act or as determinations under an empowering prudential standard.
This would be made in terms of section 105 of the Financial Sector Regulation Act, 2017 (Act 9 of 2017) (FSR Act), to read with section 1A(5) of the Mutual Banks Act.
The proposed implementation date for these revisions would be Jul. 1, 2025.
Effectiveness
Comments are invited until Jan. 24, 2025.
Aug. 2025 Directive Issued
On Aug. 14, 2025, RSA CB issued D1-2025 Directive to Repeal DI returns from regulations on mutual banks; in its introduction refers to consultation, other matters.
Per s4(6) Mutual Banks Act, all mutual banks, other interested persons must note the proposed deletion from the cited regulations will take effect from Dec. 1, 2025.
All DI returns, related instructions for their completion will in future be issued by PA as Directives per s4(6) Mutual Banks Act or determinations under prudential standards.
A copy of the Directive must made available to institution’s external auditors, attached acknowledgement of receipt duly completed and signed by both CEO of the entity and the said auditors, should be returned to PA at earliest convenience of the signatories.
