IRAC Compliance Automated for NBFC

Problem statement

• IRAC (Income Recognition and Asset Classification) guidelines set by the Reserve Bank of India (RBI) are crucial for ensuring financial stability by helping banks and NBFCs manage risks and prepare for adverse developments. However, challenges in IRAC reporting arise from diverse loan portfolios, complex loan structures, multiple stakeholders, and evolving regulatory requirements.

• Additionally, the problem statement includes the need for users to manually analyze vast amounts of data and collect it from multiple sources. Based on this extensive data analysis, users must then write comprehensive reports, a process that is extremely time-consuming and labor-intensive.

• Processing huge amount of data.

Solution

-We developed web based platform where, based on the company data we will generate the RBI reporting data. We processed couple of GB of data with intense computations. Solution also has followups and deadline workflows to complete the process on time.

• Our solution has error reporting, data validation, role based user management, audit trails and logs, custom reports and flexibility to in-corporate new RBI changes.

Conclusion

• Our solution reduced report generation time and increased operation efficiency.