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Choose IRIS iDEAL® to simplify your CIMS Reporting and Enhance Your Reporting Efficiency.
The RBI collects various fixed format data (called ‘returns’) under the Reserve Bank of India Act 1934, Banking Regulation Act 1949, Foreign Exchange Management Act 1999 as part of the regulatory and supervisory functions.
Following entities need to report under Online Reporting
Submission frequency of these returns may be daily, weekly, fortnightly, monthly, quarterly, half-yearly or annual.
More than a decade ago, in 2008, the RBI introduced eXtensible Business Reporting Language (XBRL)-based reporting into its already existing Online Return Filing System (ORFS) and since then they have progressively elaborated the mandate to cover other departments of RBI and their reporting needs.
Last year, RBI introduced the Database on Indian Economy (DBIE) and the Centralized Information Management System (CIMS) to modernize and automate data reporting for Financial Institutions (FIs) and regulated entities.
Managing vast amounts of data manually is both time-consuming and prone to errors
Constant updates necessitate a trusted partner for quick adaptation to new guidelines to avoid any reporting delays.
Adhering to stringent timelines for weekly, fortnightly, monthly, and quarterly reports is demanding.
Secure solutions are crucial for handling highly confidential data.
Repetitive data preparation tasks consume valuable resources.
IRIS iDEAL® offers a robust platform designed to streamline the regulatory reporting process for BFSI institutions. By integrating seamlessly with clients’ source systems, IRIS extracts, transforms, and loads data to generate accurate XBRL and non-XBRL reports in compliance with RBI CIMS regulations.
End-to-End
Automation
Minimizes manual intervention and reduces data preparation errors.
Data Quality
Enhancement
Ensures data accuracy through rigorous validation and verification processes.
Regulatory
Compliance
Keeps pace with the latest RBI guidelines and taxonomy changes.
Enhanced
Efficiency
Streamlines reporting, ensuring timely submission of reports and freeing resources for other critical functions.
Ready to simplify your regulatory reporting?
Discover the power of IRIS iDEAL® – the trusted solution for financial institutions worldwide.