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’.
- 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.