Online Returns Filing System (ORFS) is a single window returns submission system
which harnesses the power of internet. Incorporating any change in the return template
requires modification of the application software hosted centrally and is accessible
using web technology. Thus, there is no requirement for re-distributing any software
to the banks. Initially, ORFS was developed for one of the most important returns,
Form A return, submitted by banks as per Section 42(2) of the Reserve Bank of India
Act 1934. This is a fortnightly return, submitted by banks on 'Reporting Fridays'.
The system slowly expanded to other returns. Currently, there are 27 returns under
ORFS. The list of returns submitted using ORFS is available here.
Under ORFS, commercial banks enter data or upload the return online through the
web based front-end, access of which is given to banks through a user based access
policy. The returns submitted by banks first reach a central data pool, which is
then pushed to the respective user departments in the Reserve Bank. ORFS recognises
the power of eXtensible Markup Language (XML), which is the basic communication
format between the front-end and the central data pool, and, between the central
data pool and the computer systems used by user departments within the Reserve Bank.
ORFS has reduced the reporting burden of banks and avoids the need for multiple
submission of returns at various departments of Reserve Bank. The online validation
checks improve the quality of information to a large extent.
It also resulted in considerable reduction of the time lag between the time of data
submission by banks and the time required for data processing by user departments