Nepal Rastra Bank implements XBRL for its supervisory information system
Nepal Rastra Bank (NRB) has recently announced the implementation of an electronic filing system for its Supervisory Information System (SIS). With this new system, banks and financial institutions can now submit and store their financial data in XBRL format. The system allows automated processing of data, enhancing quality and facilitating data analysis.
The goal of the implementation is to significantly enhance data collection and management, introducing efficiencies that will enhance NRB’s supervision capabilities, and improve routine analysis and decision-making. A total of 120 input forms have been harmonised into 50 returns, reducing the reporting burden for banks and financial institutions.
Governor Mahaprasad Adhikari believes that the SIS will provide reliable and accurate data to aid in effective policy formulation and strengthening of the financial sector. Sunil KC, President of Nepal Bankers Association, praised the implementation of the SIS as a milestone for Nepal’s financial system and promised full support from banks and financial institutions in its implementation.
This system is expected to enhance the supervisory capacity of the national bank and strengthen Nepal’s financial sector. Congratulations to everyone involved!