2023-06-30 11:07:13
KOLKATA: The regulatory supervision, monitoring and enforcement will get a leg up as the Reserve Bank of India has upgraded its information management framework with the introduction of the Centralised Information Management System (CIMS), a next generation data warehouse.
Monetary policymaking will be more robust too with refined economic analysis as the new system can manage big data flow with aggregation, analysis, public dissemination and data governance, Reserve Bank of India Governor Shaktikanta said, following unveiling the system at its Statistics Day conference on Friday.
This new system will also reduce regulatory compliance burden for regulated entities as reporting of data will become easier.
“In the short to medium term, it would lead to a paradigm shift in the Reserve Bank’s economic analysis as well as supervision, monitoring and enforcement across multiple domains,” Das said in his inaugural address at the 17th Statistics Day Conference, to mark the birth anniversary of Prof Prasanta Chandra Mahalanabis, who was instrumental in institutionalising statistics in India.
Mahalanabis was born on June 29, 1893.
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Das elaborated that the new system would use state-of-the-art technology to manage Big data and serve as a platform for power users to carry out data mining, text mining, visual analytics and advanced statistical analysis connecting data from multiple domains, such as, financial, external, fiscal, corporate and real sectors as well as prices. Of late, macroeconomic policy making and monitoring processes have become more data intensive. However, certain core macroeconomic aggregates – such as, gross domestic product (GDP) growth and price inflation, where compilation process is dependent on multiple channels – are available with a time lag globally.
“Their early estimates, which are indeed very useful, are compiled with limited set of inputs and partial data and are prone to multiple and sometimes significant revisions. Policymakers who use them as inputs, however, do not have the luxury of revising decisions in retrospect,” the governor said.
Monetary policymakers supplement official estimates with information on auxiliary variables to have firmer assessment and minimise policy errors emanating from data revision. Statistical information is also used by businesses and households in making assessment of the economic situation and firming up their near-term expectations, Das said.
The new system is starting with reporting by scheduled commercial banks and will be gradually extended to urban cooperative banks (UCBs) and non-banking financial companies (NBFCs).
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