The information requirement for monetary and macro financial policies as well as supervision has become more demanding with the increasing integration of the Indian economy and markets with the global economy. Periodic assessment of the institutional process of data capture and management, therefore, becomes important to strengthen the information base of policy making. However, for an emerging market economy like India, timely availability of consistent data and organisation of such data remains a challenge.
Furthermore, the recent global financial crisis has prompted international institutions like the IMF, BIS and G20 to identify and address data gaps. In this context, it has become necessaryto review our data collection, dissemination and data management processes in a comprehensive way. A strategic shift towards granular, multi-purpose data collection and more integrated and structured data production processes can effectively reduce the burden on reporting entities and, at the same time, deliver quality information to data users and reinforce the management information system.
It has been decided to constitute a Committee (Chairman: Shri Deepak Mohanty, Executive Director) to comprehensively review the current system of data collection, dissemination and data management processes in the RBI and examine the feasibility of moving towards granular, multi-purpose data collection and more integrated and structured data production processes within the RBI. The Committee will recommend measures with a view to further reducing the burden on reporting entities, delivering quality information to data users and reinforcing the management information system for policy making.
The terms of reference of the Committee are:
- To review the availability, coverage, frequency, timeliness and quality of the existing data/surveys/information used for: (a) monetary policy, (b) macro- financial policy, and (c) supervision.
- To review the recommendations of the earlier Committees/Working Groups on data gaps and information management in the Reserve Bank.
- In the light of (i) and (ii) above, suggest changes in the process of receipt, storage, access, management and dissemination of monetary, macro-financial and supervisory data.
- In order to achieve (iii) above, suggest necessary institutional and technological changes within the Reserve Bank to make available consistent data from a single source for all user groups as well as for management decision making.
- To suggest complementary technological and process changes at the level of banks so that granular data are made available from the source system which could ensure data integrity.
- To consider any other related matter.
The Committee may consult banks, market participants, experts and departments of the Reserve Bank as considered necessary. The Committee is expected to submit its report within a period of four months from the day of its first meeting.
Ajit Prasad
Assistant General Manager
Press Release: 2013-2014/1271
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Annexure
The Committee will comprise:
|
(i) |
Shri Deepak Mohanty, Executive Director, RBI | Chairman |
|
(ii) |
Prof. Bimal Roy, Director, Indian Statistical Institute | Member |
|
(iii) |
Prof. Pami Dua, Head, Delhi School of Economics | Member |
|
(iv) |
Dr. Susan Thomas, Assistant Professor, Indira Gandhi Institute of Development Research | Member |
|
(v) |
Prof. N. L.Sarada, Indian Institute of Technology, Mumbai | Member |
|
(vi) |
Shri Kajal Ghosh, Chief General Manager, State Bank of India | Member |
|
(vii) |
Shri Anil Jaggia, Chief Information Officer, HDFC Bank | Member |
|
(viii) |
Shri Chandan Sinha, Principal Chief General Manager, Department of Banking Operations and Development, RBI | Member |
|
(ix) |
Shri P. Vijayakumar, Chief General Manager and Officer-in-Charge, Department of Banking Supervision, RBI | Member |
|
(x) |
Shri A. K. Bera, Principal Chief General Manager, Urban Banks Department, RBI | Member |
|
(xi) |
Dr. A. S. Ramasastry, Chief General Managerin-Charge, Department of Information Technology, RBI | Member |
|
(xii) |
Dr. B. K. Bhoi, Adviser, Monetary Policy Department, RBI | Member |
|
(xiii) |
Shri Sanjay Hansda, Director, Department of Economic and Policy Research, RBI |
Member |
|
(xiv) |
Dr. Abhiman Das, Director, Department of Statistics and Information Management, RBI | Member |
|
(xv) |
Dr. A. K. Srimany, Adviser, Department of Statistics and Information Management, RBI |
Member-Secretary |
