Harmonising Definitions on Banking

RBI has harmonised definitions of banking and banking related activities.

Today, the Reserve Bank updated the glossary on ‘Banking Statistics – Harmonised Definitions of Data Elements’ for regulatory reporting (weblink: https://rbi.org.in/scripts/DataDefinition.aspx) by including definitions of 101 additional data items. This glossary will be kept updated as and when new data items are prescribed for regulatory reporting or clarification/modification is required for any existing data item/s.

Background

2. In its report of June 2022, the Reserve Bank’s Regulations Review Authority 2.0 (RRA 2.0) made a comprehensive review of regulatory reporting prescriptions and made several recommendations on ease of compliance, reduction in regulatory burden, streamlining of reporting mechanism and dissemination and ease of accessibility of regulatory instructions. These inter alia included placing a single updated master file containing definitions of data items on the newly created “Regulatory Reporting” link on the RBI website, where consolidated information relating to regulatory reporting and submission of returns by regulated entities (REs) are made available at a single place.

3. Earlier, the Reserve Bank had issued a Technical Guidance Note vide the press release dated March 30, 2017 to complement the instructions issued by means of various circulars, for ensuring uniformity in reporting and thereby improving data quality. The glossary was updated with harmonised definitions of 83 additional data items vide the circular DBR.No.BP.BC.99/08.13.100/2017-18 dated January 4, 2018.

Unstated but really important reforms.