XBRL enabled Reporting by Banks

Date : 14 Oct 2009

RBI provides XBRL enabled filing of Online Returns

The Reserve Bank of India has implemented Online Returns Filing System (ORFS) for banks to submit information electronically. Keeping in line with the emerging global standards in the area of financial reporting, the Reserve Bank has adopted eXtensible Business Reporting Language (XBRL) taxonomies for reporting the regulatory returns (RCA2) developed as per Basel II guidelines. In addition to the facility to submit the ORFS/XBRL returns through hyperlinks for banks, the ORFS page has also the taxonomies with useful information on the current developments in the area of XBRL for banks and other stakeholders. At present, banks can file returns in electronic form as well through the Reserve Bank of India's secured website and now they will also be able to file the returns through XBRL enabled return filing system. The returns can be filed online through a link provided under the 'For Bankers' link on the Reserve Bank's website (www.rbi.org.in). From the 'For Bankers' link, a new page called "Online Reporting" has been made available. The Reserve Bank of India is in the process of adopting taxonomies for several other returns, including annual and quarterly financial statements. Ajit Prasad Manager Press Release : 2009-2010/570

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CA. V.M.V.SUBBA RAO
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