RBI recognized for XBRL reporting initiative by XBRL International
The Reserve Bank of India (RBI), the regulator and supervisor of the financial system in the country, has been awarded the XBRL International Award for Excellence by XBRL International, the global custodian of the eXtensible Business Reporting Language (XBRL), in recognition of its efforts to improve regulatory reporting.
The award was presented to the central bank of India for its ongoing innovation in leveraging the standard in pursuit of improved transparency and accountability in the XBRL reporting structure. RBI has been using XBRL for several years for prudential data collection, covering some 97 risk returns, and is continuing to develop this work.
Two initiatives in particular led to the recognition of RBI by XBRL International. The CRILC system (Central Repository of Information on Large Credits) is an inventive data-sharing mechanism that collects data about non-performing assets from other banks and keeps a tab on sector deficiency. Through this method the regulatory body can monitor the performance of the banking sector while improving safety. Many other countries are now following this model closely.
The Automated Data Flow initiative is for XBRL as well as other structured data and obliges regulated entities to develop systems and processes to ensure that information provided to regulators is delivered in a system-to-system fashion, without human intervention. This is an extremely useful and standardized best practice for financial regulators.
The Deputy Governor of RBI, R. Gandhi, received the award on January 22, 2016 from XBRL International CEO John Turner, who said that the approach taken by RBI in implementing XBRL is quoted extensively in the global forum. XBRL has been adopted by around 60 countries and around 100 regulators around the globe.
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