Here's How RegTech is Transforming India's Regulatory Landscape

Businesses in India finish their GST returns for the month on the 20th of each month, believing their compliance work for the month is finished. However, they soon receive automated notices pointing out inconsistencies in their reporting. This procedure demonstrates how technology is now being used in India to monitor real-time regulatory compliance data.

In another case, a borrower fails to make a loan payment, and the bank quickly reports the default to the Reserve Bank of India (RBI) via the CRILC platform. This data is then shared with other banks that are dealing with the same borrower. This illustrates how regulatory reporting helps to raise awareness and control non-performing assets (NPAs) in India.

Furthermore, when a seller generates an e-invoice or an e-way bill, the recipient is notified. This results in a journal entry in the enterprise resource planning (ERP) system after reconciliation with purchase orders (PO) and goods received notes (GRN). This end-to-end automated workflow exemplifies how regulations and technology are promoting business efficiency.

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