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RBI gets award for innovation in XBRL reporting

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The Reserve Bank of India had been awarded with the extensible Business Reporting Language (XBRL) International Award for Excellence and its efforts to improve regulatory reporting.

  • The Deputy Governor R Gandhi had received the award on January 22, 2016 by XBRL International CEO John Turner.
  • XBRL has been adopted by around 60 countries and around 100 regulators around the globe.

About XBRL International

  • XBRL(extensible Business Reporting Language) is a freely available and global standard for exchanging business information.
  • XBRL allows the expression of semantic meaning commonly required in business reporting.
  • The language is XML-based and uses the XML syntax and relatedXML
  • The XBRL Specification is developed and published by XBRL International.
  • XBRL Internationalis the international standards organization todevelops and maintains the XBRL standard and related specifications.
  • It is a global non-profit consortium of approximately 600 public and private organizations.
  • XBRL was founded by American Institute of Certified Public Accountants(AICPA)
  • The award had been given to RBI in acknowledgment of its efforts in ‘Innovation and Continuous search of Improvement in Regulatory Reporting’.

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About RBI

  • The Reserve Bank of India is India’s central banking institution that controls the monetary policy of the Indian rupee.
  • It was established on 1 April 1935 with the provisions of the Reserve Bank of India Act, 1934.RBI was nationalized on 1 January 1949.
  • The RBI plays an important part in the Development Strategy of the Government of India.
  • It is a member bank of the Asian Clearing Union.
  • It is also known as bank of bank.RBI has been fully owned by the Government of India.