XBRL Returns Applicability to ND-NSI Category of NBFCs

Brief Overview of XBRL Returns Applicability to the Non Deposit taking – Non Systematically Important Category of Non Banking Financial Companies (NBFCs) & other Important Provisions thereof

XBRL stands for eXtensible Business Reporting Language. It is a language for the electronic communication of business and financial data which is revolutionising the business reporting around the world. Within Reserve Bank of India, XBRL has been viewed as a natural evolution of the existing Online Returns Filing System (ORFS). As aware, the online parallel filing process for rationalized returns of Non Deposit taking – Non Systematically Important (ND-NSI) Category of NBFCs in the XBRL system has been started from February, 2020 onwards.

Thus, The XBRL Returns applicable to the Non Banking Financial Company- Non Deposit taking and Non Systematically Important Company (NBFCs-ND-NSI) as per asset size is as follows-

IMPORTANT POINTS BULLETIN

• All the ND-NSI category of NBFCs has to file the applicable returns in both the systems i.e. COSMOS & XBRL portal pertaining to the period ended March 31, 2020.
• Further, this has been decided by RBI to discontinue the online filing of returns by ND-NSI category of NBFCs (having asset size <₹500 crore) from March, 2021 onwards in the COSMOS system and operate only XBRL system as solo online return reporting system.
• NBFCs are advised to get them registered on the XBRL platform and submit the contact and other details of Key management personnel (KMPs) of the company in the format as prescribed by the RBI. NBFCs are required to communicate with RBI (Department of Non Banking Supervision) through their official Email-ids for Super User ID Creation and in order to facilitate an access (login credentials) to the new platform. After receipt of Login credentials, open https://xbrl.rbi.org.in to access XBRL Portal.
• NBFCs are required to create the Statutory Auditor ID in the XBRL System after receiving an access to the XBRL portal. After creation of Statutory Auditor user ID, An automated email would be sent to Statutory Auditor by XBRL system in order for the authentication of submission of the DNBS 10 return.
• NBFCs are required to file DNBS 13 return even in case of NIL Overseas Investment.

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Disclaimer: The entire contents of this document have been prepared based on the relevant provisions and as per the information existing at the time of the preparation. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, I assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. I assume no responsibility for the consequences of use of such information.