In January 2024, the Reserve Bank of India (RBI) made its expectations clear: banks and non-banking financial companies (NBFCs) must move beyond scattered spreadsheets, disconnected trackers, and manual processes for managing compliance. It was time to adopt an enterprise-wide, automated, and transparent compliance monitoring system.
The original deadline was set for June 30, 2024. It was then extended to October 31, 2024, and after one final extension, the mandate officially came into effect after April 30, 2025.
With the mandate now in effect, institutions face real pressure—not just to tick a box, but to implement a system that’s robust, scalable, and built for audit readiness.
But that raises the key question: What exactly should that system look like? What does “readiness” really mean in the eyes of the regulator?
That’s where the Indian Banks’ Association (IBA) stepped in. In response to the RBI’s mandate, a multi-bank working group, comprised of compliance heads, risk officers, and regulatory experts, developed the Minimum Standards Framework for Compliance Monitoring.
However, this framework extends beyond simply replacing Excel sheets with software. It’s about transforming compliance into a structured, transparent, and auditable function. It emphasizes:
- Transparency in ownership and workflows
- Traceability of actions and decisions
- Cross-functional collaboration
- Governance and escalations with proper documentation
At the heart of it lies a challenge most banks are still working to solve: How can you track hundreds of regulatory requirements, coordinate across departments, monitor timelines, and ensure accountability, without missing a step?
Introducing C-Trac: Your One-Stop Compliance Command Center
At G2RS, we’ve been closely tracking this shift, not just through the lens of regulation, but through ongoing conversations with compliance officers, risk teams, and IT heads. The message has been consistent: too much is still being managed through emails, manual tracking, and siloed systems, with no unified view of compliance health.
That’s precisely why we built Compliance Tracker (C-Trac)—a platform designed from the ground up to simplify and strengthen regulatory compliance.
Here’s how it helps:
- Centralized compliance tracking: All regulatory circulars, audit findings, and internal obligations are captured in one place—no more chasing documents or digging through inboxes.
- Turn guidelines into trackable cases: With just one click, a circular can be turned into a case, assigned to relevant departments, with timelines, tasks, and progress tracking.
- Enable true cross-team collaboration: C-Trac ensures Legal, Risk, IT, Operations, and Compliance are working together in a shared workflow—every comment, file, and task is traceable.
- Escalations made simple: If a deadline is missed or deviation approval is required, C-Trac routes escalations automatically to the proper authority, with complete documentation.
- Unified dashboards: Top management gets a live dashboard showing the overall compliance position, compliance trends, department performance, and emerging risk hotspots.
The Path Forward: From Obligation To Opportunity
What began as a regulatory requirement has evolved into a genuine opportunity for transformation.
Institutions that embrace tools like C-Trac don’t just meet RBI expectations—they go beyond, building a culture of proactive compliance, data-driven governance, and operational agility.
Banks that act early aren’t just checking boxes. They’re reducing compliance risk, improving internal accountability, and building institutional memory for the long run.
So, the real question isn’t whether your organization needs a platform like C-Trac—
It’s this: How much longer can you afford to manage compliance without one?
To learn more about C-Trac, click here.