Update from the Reserve Bank of India
There has been a lot of XBRL-related news out of India recently (see stories on data releases from the Reserve Bank of India and moves by the BSE). The staff at the RBI were kind enough to share with us an overview of their use of XBRL, which commenced in 2008. The Reserve Bank of India collects data in nearly 100 different Returns or templates from commercial banks, financial institutions, authorised foreign exchange dealers and non-banking financial institutions (see a full list of these returns here). Some key benefits seen by the RBI up to this point include the availability of comprehensive information on each data element with definitions, hierarchy, interrelationships and metadata clearly defined, and improved data quality through greater consistency.
Future plans include direct filing of instance documents by regulated entities (these are currently converted from excel), a move towards element based reporting and eventually, the use of XBRL for the reporting of all data.
Take a moment to read the update, as it contains some interesting and helpful information. And we’ll be sure to keep you abreast of future developments at the RBI and elsewhere
