 "FRSGlobal Launches Reporting Product In Line With RBI Requirements")
FRSGlobal, part of Wolters Kluwer Financial Services, a provider of compliance and risk management solutions for the financial services industry, has announced that it has reviewed and incorporated the new regulatory and legal reporting requirements from the Reserve Bank of India (RBI) into its regulatory reporting solution for banks in India. The solution hosts a single data repository and automates report compilation from end to end, which saves firms’ valuable time and resources. It is also fully extendable to other reports in India or any of the other 40+ countries FRSGlobal covers.
The company recently announced that it is providing compliance and risk management solutions that have been specifically designed to help financial professionals in India’s financial services market to comply with industry regulations. Further to this, Wolters Kluwer Financial Services recently launched the Compliance Resource Network (CRN) to the Indian Banking Market, which consolidates financial laws, regulations and commentary from across the globe on a single research platform, and complements FRSGlobal’s RegPro product suite.
FRSGlobal’s solution has been designed to address the complex reporting requirements faced by foreign banks operating in India and provides automated regulatory reporting- the automated extraction of data from firms’ multiple source systems to populate Department of Supervision Banking returns, regulatory reserve computation (Cash Reserve Ratios & Statutory Liquidity Ratios), various statistical and prudential returns and transaction reports means that firms can better ensure quality of data and its timely submission to the RBI.
“The aftermath of the financial crisis has led to regulators and governing bodies around the world realising that their policy and decision-making processes need to be more information intensive. This has led to the publication of new regulatory guidelines such as the recent RBI approach paper, which outlines how data from commercial banks’ core banking and other IT systems now has to be automatically sent to the RBI with a view to ensuring accuracy and integrity of data flow,” said Steve Thurley, VP, Asia Pacific and Japan.