SUMMARY
RBI Governor Shaktikanta Das said that this system uses state-of-the-art technology to manage big data and also serves as a platform for data mining, text mining, etc
The CIMS connects data from several domains such as, financial, external, fiscal, corporate and real sectors as well as prices
The CIMS will also allow regulated entities to access their old data and assess the new quality parameters in the new system
The Reserve Bank of India (RBI) has launched Centralised Information Management System (CIMS) to handle the massive data flow, aggregation, analysis, public dissemination and data governance.
Addressing the 17th Statistics Day Conference in Mumbai, RBI Governor Shaktikanta Das said that this system uses state-of-the-art technology to manage big data and also serves as a platform for data mining, text mining, visual analytics and advanced statistical analysis.
According to Das, it connects data from several domains such as, financial, external, fiscal, corporate and real sectors as well as prices.
An Economic Times report quoted Das saying, “In 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 noted that the new next-generation data handling system by RBI is going to start with reporting by scheduled commercial banks. Gradually it will also be extended to the urban cooperative banks (UCBs) and non-banking financial companies (NBFCs).
The report states that the first weekly statistical supplement (WSS) was compiled and processed in the CIMS for the week ended June 23, 2023. Das furthered that this will make data available to the public and also help the WSS by external users.
In addition to this, the new CIMS will also allow regulated entities to access their old data and assess the new quality parameters in the new system.
As per the Governor, RBI’s Regulations Review Authority 2.0 (RRA 2.0) has recently made some recommendations to streamline reporting mechanisms out of which many have already been implemented and others are in several stages of implementation.
“A major recommendation on system-based submission of the remaining email-based reporting will be implemented through the Centralised Information Management System (CIMS) in the coming months,” Das said.
Like the other government departments, the RBI is also on its toes to adopt digitisation across verticals.
Earlier this year, in the annual report, RBI announced that it is looking forward to expanding the ongoing pilots of the Central Bank Digital Currency (CBDC) – digital rupee (e₹) for retail as well as wholesale segments during the financial year 2023-24 (FY24).
