India Strengthens Banking Regulation - Several Measures taken by RBI

India extends XBRL to Co-operative Banks

RBI asks UCBs to report large accounts data almost with immediate effect   In its drive to strengthen supervision of Urban Co-operative Banks (UCBs) post the PMC, UCBs told to report exposures above Rs 5 crore to CRILC, almost with immediate effect. It has issued detailed guidelines for reporting, making rules closer to that for commercial banks. The detailed guideline stipulates that the reporting frequency of the CRILC (Central Repository on Information on large Credits)– […]

India Strengthens Banking Regulation - Several Measures taken by RBI

India Strengthens Banking Regulation

Several measures underway to strengthen soundness of banking system; RBI Annual Report 2018-19 Guidelines on minimum balance requirements for savings bank accounts and penalty for non-maintenance will be reviewed The Reserve Bank of India (RBI) in its annual report 2018-19 has stated that several regulatory and supervisory measures are underway to strengthen the soundness of the banking system. During 2019-20, the banking sector is poised to build upon the consolidation achieved in the year gone […]

India Strengthens Banking Regulation - Several Measures taken by RBI

RBI gets award for innovation in XBRL reporting

MUMBAI: The Reserve Bank today said it has got recognition for its efforts to improve regulatory reporting and has been given the XBRL International Award for Excellence. “The XBRL International, the global custodian of the eXtensible Business Reporting Language (XBRL) standard awarded the ‘XBRL International Award for Excellence’ to the Reserve Bank of India (RBI),” it said in a statement. RBI said the award has been given to it in recognition of its efforts in […]

RBI shares their experience of XBRL implementation

RBI shares their experience of XBRL implementation

Reserve Bank of India, the apex financial institution of the country had implemented data collection in standardised format since 2008 as a part of their regulatory and supervisory function. The data which is collected from the commercial banks, financial institutions, authorized foreign exchange dealers and non-banking financial institutions is in XBRL format and is called “Return”. RBI rolled out the implementation in phases since 2008, wherein Phase I covered 7 returns, Phase II which started […]

Journey of XBRL Reporting in India

The XBRL wave started in India in late 2007 when the Institute of Chartered Accounts of India, the premier accounting and statutory body, realised the critical role of Digital Business Reporting in the arena of regulatory reporting and the optimum advantage that it enjoyed in levelling the playing field. ICAI initiated the idea of using XBRL in collaboration with the different regulators in India that control the Registered companies, Banks, Insurance undertakings and Listed companies. […]