RBI Moves from Document to Information-based Reporting System Using IRIS iFILE
The Reserve Bank of India (RBI), India's central bank established in April 1935, regulates the currency and credit system of the country. It oversees a host of critical activities that include monetary policy regulation, supervision of banking and financial institutions and foreign exchange management.
In 2008, the central bank introduced XBRL-based reporting into its already existing Online Return Filing System (ORFS). Powered by IRIS iFILE, this new reporting system would help RBI to achieve significant benefits in the preparation, analysis and communication of business information. The RBI leveraged the XBRL standard for Basel II Reporting System, Section 42(2) Form A return of the RBI Act and for financial statement reporting.
This case study covers RBI’s journey to build a flexible reporting framework for regulatory submissions that can easily be scaled for future regulatory data needs.