- Recommendations of the RBI-formed Committee on Data and Information Management headed by RBI Executive Director Deepak Mohanty:
- Integration with global economy and increasing complexity of the economic structure has heightened the need for information, and huge data gaps are seen in this regard.
- To address these gaps in monetary policy-making, compilation of various indicators such as producer price index, services sector output and price index, labour force survey, urban wages, retail sales, construction activity survey, and surveys of household indebtedness should be done through co-ordination with the relevant government agencies.
- Expanding the scope and coverage of the financial soundness indicators to the non-bank segments of the financial sector.
- Quarterly compiling of the sectoral flow of funds in the financial sector.
- Rationalising the envelope of data elements across various returns in different information domains.
- Data should be moved to a enterprise-wide data warehouse (EDW) with appropriate access rights for users.
- Standardization of various attributes and dimensions of data.
- Use of extensible business reporting language (XBRL) as the principal vehicle for data submission.
- Formulation of a dissemination policy for the bank and using this as a guiding principle for sharing information with various class of users within and outside the bank.
- A senior official as the Chief Information Officer (CIO) to enhance the data governance framework.
- Read at: http://www.thehindu.com/todays-paper/tp-business/reserve-bank-committee-for-indices-on-labour-wage-to-improve-decisionmaking/article6168137.ece
Exams Perspective:
- Deepak Mohanty Committee Recommendations
- Extensible Business Reporting Language (XBRL)
- Monetary Policy
- Enterprise-wide Data Warehouse (EDW)
- producer price index