RBI moving towards XBRL Standards

RBI reduces the number of returns to 223 from 291

The Reserve Bank of India has implemented Online Returns Filing System (ORFS) for submission of certain important returns by commercial banks to the Reserve Bank. As part of the online submission of returns, the Reserve Bank will, in due course, adopt the international standards for data sharing among business entities through eXtensible Business Reporting Language (XBRL). The Reserve Bank is moving towards the XBRL standards under a high level Steering Committee chaired by the Deputy Governor, Shri V. Leeladhar. As part of the XBRL implementation, the Reserve Bank had initiated an exercise of rationalisation of returns. The number of returns to be submitted by Scheduled Commercial Banks (excluding RRBs) is now reduced to 223 from 291. The Reserve Bank has placed on its website, (a) the list of returns to be submitted as also (b) the list of returns not to be submitted by banks and has requested banks not to submit those returns listed in list (b). G. Raghuraj Deputy General Manager Press Release : 2008-2009/199   http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=18963