‘Regulatory reporting’ is the submission of raw or summary data needed by regulators to evaluate a bank’s operations and its overall health, thereby determining the status of compliance with applicable regulatory provisions. India, being a mixed economy, has its corporates run hand in hand with the central bank, RBI.
In 2019, RBI imposed a monetary penalty of INR 1.5 crores to multiple reputed banks for non-compliance. In some other cases, RBI has also imposed a fine of about INR 20 crores on leading banks of the country for non-compliance with RBI’s KYC and AML standards. Hence, following RBI’s regulatory reporting system is essential for every bank in India.
To be compliant with RBI regulatory mandates, Indian banks need to collate data from multiple sources, store it in a single repository in accurate formats and need to effectively filter information required by the regulators. This sounds easier said than done. All accounting entries and information should be accurate. Data/information should only be reported when its associated accounting entry is available. This requires a comprehensive advanced solution which is costly and if it is done manually, then it takes a lot of time, resources, and effort.
Banks and financial institutions are required to develop dynamic systems to keep themselves regulated according to RBI reforms. Now that the volume, frequency and complexity of regulatory reporting are increasing, banks need to be compliant with all the RBI reporting requirements. In such situations, banks need to ideate on what can be the most agile and robust reporting solution that can be effective, fast and proactive to meet the Central Bank demands. A solution that automates and streamlines the process to generate reports in a timely fashion is the need of the hour. To achieve this sustained success, FinCluez provides the building blocks for all your regulatory reporting requirements to enable you to make clear decisions in today’s rapidly changing regulatory environment.
FinCluez, a data platform designed by Profinch, can make a bank’s life easier by addressing the RBI reporting mandate effectively. FinCluez helps banks in the following:
- Regulatory and Compliance Reporting
- Management Reporting and Dashboards
- Operational Reporting
- Big Data Analytics
FinCluez helps the bank chose how they want to work with their data, gain insights and also adhere to RBI reporting formats. FinCluez, with its end-to-end reporting system, is designed to enable seamless data flow across stages and submit accurate and timely reports to the central bank. Apart from this, there are many more Central bank reporting features in FinCluez:
- Ready to deploy solution
- Easy to maintain reports
- Easy to manage changes
- Easy integration with other systems
- Self Service and drill downs
- Pre integrated adapters
- Robust ELT process and scheduler with alerts
- Maker checker and audit trail for adjustments
- Backward traceability
- Reconciliation and validations built in