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XBRL reporting by Urban Co-operative Banks (UCBs)

Reserve Bank of India (RBI) introduced XBRL in the year 2008 into its already existing Online Returns Filing System called ORFS. The ORFS evolved to allow the submission of over 97 risk returns in XBRL by banks. To use this reported data to monitor banks efficiently RBI introduced CRILC and Automated Data Flow. For this, the RBI gained recognition and were conferred with the XBRL International award for Excellence by XBRL International in the year 2016.

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.

Following the success of the XBRL reporting system, RBI extended the XBRL mandate to Urban cooperative banks (UCBs) to report exposures of Rs. 5 Crores or more and credit information, including classification of an account as a special mention account (SMA) to CRILC,  within 30 days after end-of-quarter. Starting 31 Dec 2019 and now two quarters into the XBRL submission, UCBs are gearing to submit reports for the third time in XBRL for quarter ending 30 June 2020. UCBs failing to comply with the mandate are being penalised.

Frequency of Reporting :

While it is currently sufficient to report large exposures within 30 days from the end of the quarter through the XBRL reporting platform, UCBs must put in place an appropriate system and prepare to submit the return more frequently as RBI’s mandate evolves

What to report:

Reports currently required in XBRL from cooperative banks comprises three sections, such as

  1. Exposure to large borrowers
  2. Reporting of technically or prudentially written-off accounts
  3. Reporting of balance in the current account.

XBRL is now adopted in over 60 countries by 140 regulators.  DataTracks caters to compliance reporting requirements to businesses in over 24 countries since 2005 and has helped prepare more than 172,000 reports since then.

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