Some years ago RBI mandated the scheduled banks Public, Private and Foreign) to automate its regulatory reporting (MISADF) project. The intention was to ensure accurate and timely submission of reports without manual intervention and adoption of XBRL. Three years into the project many banks have achieved various levels of proficiency in achieving this objective.
The RBI published a conceptual model to achieve this end stage to automate the submission though it left it to the banks to select their own methodologies to achieve the objective.
It is likely that the other players in the Banking system like urban cooperative Banks (UCB’s), district coop Banks (DCCB’s), NBFCs, Regional Rural Banks (RRB’s) and the new payment and small banks will need to take this route in the near future.
Already RBI has issued circulars to Urban Co-Operative Banks advising them to submit some reports like in XBRL format Return on ‘Asset Liability Management (ALM)’ through XBRL based electronic filling platform, and also submission of Statement of Compliance with CRR and SLR’ also in XBRL by April 2014
After three years Nelito Systems can proudly claim to have 5 reference sites which have achieved most of the objectives. A sixth large bank which has adopted to go the enterprise data warehousing route is leveraging Nelito’s Fincraft – MISADF solution for quick results.
Data quality is work in progress, and is being done by most banks to ensure that data is correct. Core processes are being reengineered to achieve better accuracy .Many of the banks are leveraging the CDR for internal MIS requirements. Nelito is partnering banks to standardize, deduce, cleanse, collect and enter data.
It will be prudent to work with a player who has a working solution, all the experience off implementation, a strong focus on cooperative banks in India and immense banking knowledge to ensure smooth implementation.
The ready to use product could bring down costs and implementation timelines dramatically and the experience gained though the last few years can be leveraged for quick Return on Investment benefits. Nelito’s present FinCraftTM Core Banking customers and future users would derive maximum benefits with this proven solution.
The Meticulousness of efforts to ensure customer delight by each of the team member during the course of the project is appreciable. - Data Archival Project
Overall we are happy with the services provided by Nelito. The implementation team is sensitive to our support requirements and does a good job.
We are extremely thankful to the whole team who have devotedly committed and created this excellent database. Much of our time was wasted in data retrieval from i link where we were facing lots of issues.
You have given us an awesome product which is superior to our Finacle itself in its display capabilities. The great idea of taking pdf/word/excel option is simply superb. Merging the party code and Finacle CIF and account numbers are another feather in the cap.
We have successfully made Nelito's Fincraft Software for NBFC live in early March for LOS,LMS and Sanjiv Khalkho, Arijit Chakraborty with his team have been very instrumental in making this software live . I would like to appreciate on the turnaround time during the go live phase of the team in getting some of our key requirements done and helping our users to use the software for recording and disbursing all the sales from the software.
In technology side I would like to praise Pramod Navale and Ganesh Khetmalis for in depth knowledge of the product and their technical skills is outstanding. Looking forward for the continued relationship for our next release and whole of 2018.
"We are extremely pleased with the kind of support extended by you and your team for our year end work. Although whole bunch of people worked for making the support seamless from your end, my special thanks to following resources. Anurag, Arpit, Arvind, Pranit, Suraj, Udgran, Nilesh, Leena and Udgrand. Also, thanks to all others who have supported us directly or indirectly at your end."
"For a Bank of our size, this system suffices and is very cost effective. Almost all of the bank’s activities run on the one system. Nelito constitutes a partner more than a supplier and the relationship includes provision of the bank’s underlying technology as well as its Fincraft range of applications."
"The best mix of functionality and technological support and our vision of “Cash Less and Paper Less” work environment for Sonata has come true with our technological partner Nelito. I highly recommend FinCraft Core Microfinance platform and especially integrations with a number of third party services."
"We are happy to use FinCraft Data Archival & Retrieval solution from Nelito Systems; it has given huge ROI in terms of saving revenue by retiring legacy applications. We get all desired reports in a timely manner from the solution."
"Proactive & professionally supportive, technically skilled team."
"My bank is working with Nelito from the last about 9 Years and the services provided by the company may prolong our association."
"Knowledge and service provided to the bank is beyond expectation. And we would definitely engage and recommend solution to others."
"As Vendor strict adherence to process & procedures. Risk Mitigates in Place. Flexible to customer requirements."
"Everything was successfully implemented and tested. The implementation was professionally done in a very efficient and cooperative manner. Migration was very smooth."
Support services provided for Swift is really up to the mark and meets all clients requirement. Kindly keep this ongoing.