Mutual banks directed to submit new financial returns
The South African Reserve Bank's Prudential Authority has issued a directive requiring mutual banks to submit specified financial and risk-based returns. This new directive, D1/2026, takes effect from 1 May 2026.
New framework for data submission
The Prudential Authority (PA) of the South African Reserve Bank has issued Directive D1/2026, establishing a new framework for mutual banks to submit financial and risk-based returns.
This follows a previous decision on 13 August 2025, communicated via Directive 1 of 2025, to remove all DI returns and their completion instructions from the existing Regulations relating to Mutual Banks.
The PA's aim was to streamline processes and support the Umoja System Implementation Project.
Consequently, all future DI returns and their associated instructions will be issued as separate directives or determinations under prudential standards.
Mutual banks must now comply with the specific requirements outlined in this new Directive, which takes effect from 1 May 2026.
Detailed reporting requirements
The directive mandates the submission of a comprehensive range of financial, risk-based, and other related returns, as detailed in Annexures A and B. These returns must be completed in accordance with the specified requirements, read in conjunction with the existing Regulations.
Additionally, each submission must include a duly completed, signed, and certified declaration form, either DI 099 for statutory returns or DI 099A for offshore subsidiaries, branches, and associates.
Key returns include DI 100 (Balance sheet), DI 200 (Income statement), DI 300 (Liquidity risk-maturity ladder), and DI 400 (Capital adequacy), among many others covering various aspects of mutual bank operations.
Clarity for compliance
This directive brings necessary clarity to the reporting landscape for mutual banks, formalizing the shift of DI returns from regulations to direct instructions.
By centralizing these requirements, the Prudential Authority aims to streamline the compliance process, potentially reducing ambiguity for regulated entities.
Nevertheless, the extensive list of detailed returns underscores the ongoing administrative burden and the PA's rigorous oversight expectations for the sector.