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 | |