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ONLINE REPORTING

The Reserve Bank of India receives various returns on daily, fortnightly, monthly, quarterly and annual basis from the scheduled commercial banks. Earlier, the mode of submitting returns by the commercial banks to Reserve Bank of India was dictated mostly with different degrees of technology adopted by the banks. Hence a need was felt for developing a single electronic returns submission window – thus came the Online Return Filing System (ORFS).

As a part of the online filing of returns, the Reserve bank of India felt the need for the adoption of the best international technology solution. Thus Reserve Bank of India adopted eXtensible Business Reporting Language (XBRL), which attempts the standardization of business reporting, especially financial reporting. While ORFS brings no standardization across the returns, XBRL is capable of implementing global standards across all returns. The effort is towards building taxonomy for the entire financial sector, irrespective of the financial segments.

This website hosts online submission of returns, both through ORFS and XBRL. This co-exist with other conventional forms of return submission.

Taxonomies developed for RCA2 return is available here, which may be of use to both bankers and technology solution providers.

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