Revolutionising Compliance: The Role Of RegTech In Reshaping India's Regulatory Landscape

  • 協會公告
  • 2023-11-03 09:37:28
  • 171

監管技術。 (代表圖)

On the 20th of each month, businesses in India complete their GST returns for the period, believing their compliance work for the month is done. However, shortly after, they receive automated notices pointing out discrepancies in their reporting. This process illustrates how technology is now employed to monitor real-time regulatory compliance data in India.

In another scenario, a borrower defaults on a loan payment, and the bank promptly reports this to the Reserve Bank of India (RBI) through the CRILC platform. This information is then shared with other banks dealing with the same borrower. This showcases how regulatory reporting contributes to spreading awareness and controlling non-performing assets (NPAs) in India.

Furthermore, when a seller generates an e-invoice and e-way bill, the recipient receives relevant notifications. This triggers reconciliation with purchase orders (PO) and goods received notes (GRN), ultimately resulting in a journal entry in the enterprise resource planning (ERP) system. This end-to-end automated workflow is a prime example of how regulations and technology are fostering business efficiency.