Thu, Jul 27, 2017 | updated 02:40 AM IST

Reserve Bank expecting only first cut reporting from banks, says ED, RBI

Updated: Oct 07, 2016 13:54 IST      
Reserve Bank expecting only first cut reporting from banks, says ED, RBI

New Delhi [India], Oct 7 (ANI): The Reserve Bank of India (RBI) is expecting a rough, first cut reporting from banks vis-a-vis proforma Ind AS (Indian Accounting Standards) financial statements for the half year ending September by November 30 to ascertain the difficulties and problems faced by banks as part of transition to International Financial Reporting Standards from April 2018, a top RBI official said at an ASSOCHAM event held in New Delhi today.

"I know it will be very difficult to expect any kind of accuracy in that reporting, what I am hoping is it will throw up difficulties, problems which we will work on," said Sudarshan Sen, executive director (ED), RBI while inaugurating an ASSOCHAM seminar.

"We are not going to hold a sword to the banks and say that this reporting has to be absolutely perfect, on the contrary it will be a discovery and learning for us and banks which is why we have asked for this proforma reporting from September half year onwards," said Sen.

He also said that capacity building both in terms of human as well as IT (information technology) resources is the need of the hour for banks to follow Ind AS converged with International Financial Reporting Standards (IFRS) from April 2018.

"It is imperative for the human resources in banks to meet the challenges of implementing Indian Accounting Standards (Ind AS), another very big area is that huge modifications will be required to IT systems," he added.

He said that the basic Core Banking Solution (CBS) which exists in banks is a barebones nominal value recording framework, but to move the data there into the kind of financial reporting and the measurement which is required under the Ind-AS will require lot of application programming interfaces, lot of middleware will have to be developed which will basically convert all the raw numbers into numbers which are compliant in Ind-AS.

"But this is again a huge challenge and given this especially in public sector banks (PSBs) there are processes involved in upgrading software and hardware, it takes time, there are approvals required and there are budgets to be made, it is a big challenge as to how they would be able to meet the timelines given by us," he said.

He added that banks need to develop and strengthen their data capture systems to enable the assessment of impairment.

"Now we will be going to loss modeling, we will be looking at data based estimation of future losses and the additional problem is that we do not have a lot of work actually done internationally for us to draw from that so we will be inventing to a large extent domestically," said the RBI executive director.

Highlighting that Ind AS provides for extensive disclosures in respect of financial instruments and their attendant risks and also fair value measurements as well as consolidation requirements, he said "Banks will have to put in very robust systems in place and make lot of efforts and possibly expenses to meet the requirements in this regard."

He also said that RBI will have to very carefully review various regulations that are there and bring them in tune with the Ind-AS.

"Where we have to deviate, we will consciously deviate and where we have to join we will consciously join, but a lot of work is there," said Sen.

He further said that formats of balance sheets and the profit and loss account

under the Banking Regulation Act will change under the Ind-AS landscape. "All this is being looked at, all reporting formats will undergo a great change." (ANI)

139 top posts lying vacant in various CPSEs: Supriyo

Updated: Jul 26, 2017 20:23 IST     

New Delhi [India], July 26 (ANI): Candidates from Public Sector Banks as well as Private Sector Banks having at least 15 years of mainstream banking experience of which one year at board level within the age group of 45-57 years are eligible to apply for the post.

Full Story >>

Govt. identifies 400 Benami transactions

Updated: Jul 26, 2017 19:44 IST     

New Delhi [India], July 26 (ANI): More than 400 Benami transactions have been identified since the Benami Act has come into effect, informed Minister of State for Finance Santosh Kumar Gangwar in a written reply to a question in Rajya Sabha on Tuesday.

Full Story >>

Datsun India launches more powerful redi-GO 1.0L

Updated: Jul 26, 2017 19:08 IST     

New Delhi [India], July 26 (ANI): Datsun India on Wednesday launched the highly-anticipated Datsun redi-GO 1.0L at Rs. 3, 57,333 with iSAT engine, which features more power, style and convenience for customers.

Full Story >>

New Delhi [India], July 26 (ANI-BusinessWireindia): Tata Capital through its skill development initiative 'ProAspire' - has successfully trained and placed over 3,000 underprivileged students across the country.

Full Story >>

DJUBO partners with i2e1 to make wi-fi management easy

Updated: Jul 26, 2017 18:09 IST     

New Delhi [India], July 26 (ANI): DJUBO, a SAAS platform for hotels launched another initiative in partnership with i2e1, a Wi-Fi management platform - the DJUBO MarketPlace, which is a curated selection of products and services integrated with DJUBO.

Full Story >>

GST reduces logistical costs; benefits transport sector

Updated: Jul 26, 2017 17:35 IST     

New Delhi [India], July 26 (ANI): The Goods and Services Tax (GST) has highly benefitted the transport sector by removal of inter-state check posts, optimizing the warehouse structure and bringing down logistical costs.

Full Story >>

New Delhi [India], July 26 (ANI): At USD 10.11 billion during Q1FY2018, inflows from foreign institutional investors (FIIs) to the debt market were the highest in any quarter during the last decade.

Full Story >>

New Delhi [India], July 26 (ANI-NewsVoir): Patriotic film Yeh Hai India has been making buzz for the last few months, especially after the launch of its motion poster. The movie has now been selected an official entry to the esteemed FOG film Festival. Following this, Yeh Hai India will be releasing in US on August 11, 2017. In line with this, the new India release date of the movie is August 18.

Full Story >>

New Delhi [India], July 26 (ANI-NewsVoir): SRM University, Chennai and SRM University AP - Amaravati have entered into a strategic partnership with the College of Engineering, UC Berkeley, through global partnerships with the Dado and Maria Banatao Centre for Global Education and Outreach from Berkeley Engineering (GLOBE), the Sutardja Center for Entrepreneurship and Technology [SCET] and the Jacobs Institute for Design Innovation.

Full Story >>

Remove barriers to PPP: FICCI-EY study

Updated: Jul 26, 2017 16:44 IST     

New Delhi [India], July 26 (ANI): A FICCI-EY study released at the inaugural session of the India PPP Summit, organised by FICCI in association with the International Chamber of Commerce (ICC) India, made recommendations asking for interventions to remove the barriers to purchasing power parity (PPP) and accelerate the implementation of its projects.

Full Story >>

New Delhi [India], July 26 (ANI): Paytm Mall, owned by Paytm Ecommerce Pvt Ltd delisted 50 percent of its logistic partners stopping deliveries to more than 9,000 pincodes out of 26,000 where guaranteed assistance in returns and replacements was not assured assuring superior consumer experience for all its clients.

Full Story >>

New Delhi [India], July 26 (ANI): After sacking at least 20 employees on Wednesday which resulted in a clash between security guards and employees at Vivo's assembling unit in Greater Noida, the phone maker has now alleged that the layoffs are in line with their business decisions and interests.

Full Story >>

Tata Motors launches commercial vehicle range in Philippines

Updated: Jul 26, 2017 14:47 IST     

Manila [Philippines], July 26 (ANI): Tata Motors on Wednesday announced the launch of its commercial vehicles range in Philippines to further penetrate the market through a distribution agreement with local partners Pilipinas Taj Autogroup, Inc., a business conglomerate engaged in the local distribution of motor vehicles.

Full Story >>

New Delhi [India], July 26 (ANI): Adding to the high-quality healthcare services it offers, DocsApp, a chat based healthcare platform that connects patients to specialist doctors in less than 30 minutes, has launched yet another noteworthy service targeted towards infants, children, and adolescents.

Full Story >>

Faircent.com launches fully-automated 'Auto Invest' feature

Updated: Jul 26, 2017 14:24 IST     

New Delhi [India], July 26 (ANI): In a pioneering development for the country's fintech sector, Faircent.com, India's largest peer-to-peer lending platform has launched a new Auto Invest feature for registered lenders.

Full Story >>

Kia Motors Tours India to meet prospective dealer partners

Updated: Jul 26, 2017 13:54 IST     

New Delhi [India], July 26 (ANI-NewsVoir): Kia Motors is hosting a series of road shows around India to meet prospective dealer partners throughout August and September. The Korean car manufacturer is due to commence local retail sales during the second half of 2019.

Full Story >>

Mumbai [India], July 26 (ANI-Businesswire India): Pidilite Industries Limited, India's leading manufacturer of adhesives, sealants and construction chemicals today announced its financial results for the quarter ended June 30, 2017.

Full Story >>

New Delhi [India], July 25 (ANI-Newsvoir): AXELOS, announces the launch of PRINCE2® 2017, the latest version of world's most widely used Project Management Methodology in India.

Full Story >>

New Delhi [India], July 25 (ANI-BusinessWireIndia): L&T Technology Services Limited (LTTS) has announced its results for the first quarter ended June 30, 2017. The company's quarterly revenue rose 6.3 percent Year-on-Year to USD 128 million, on the back of successful project executions and new orders.

Full Story >>

New Delhi [India], July 25 (ANI): Reacting at the Union Cabinet move to push electric mobility in the country, Society of Manufacturers of Electric Vehicles (SMEV), Director- Corporate Affairs Sohinder Gill said that the government should immediately kick start the mass adoption of EVs in the country.

Full Story >>