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On 28 February 2024, RBI issued the draft disclosure framework on climate-related financial risks, 2024 (the draft framework). It would be applicable to the following entities:

  • All Scheduled Commercial Banks (SCBs) (excluding local area banks, payments banks and regional rural banks)
  • All Tier-IV primary (Urban) Co-operative Banks (UCBs)
  • All-India Financial Institutions (AIFs) (i.e., EXIM Bank, NABARD, NaBFID, NHB and SIDBI)
  • All top and upper layer Non-Banking Financial Companies (NBFCs)

As per the draft framework, the disclosures should cover four thematic areas/pillars – Governance, Strategy, Risk management, Metrics and Targets.

The glide path for the disclosures is given below:

Entity Governance, Strategy, and Risk management Metrics and Targets
SCBs, AIFIs, Top and upper layer NBFCs FY 2025-26 onwards FY 2027-28 onwards
Tier IV UCBs FY 2026-27 onwards FY 2028-29 onwards

To access the text of the draft framework, please click here

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