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:

I.   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.

II.  To review the recommendations of the earlier Committees/Working Groups on data gaps and information management in the Reserve Bank.

III. 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.

IV. 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.

V.  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.

VI. 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

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Annexure

The Committee will comprise:

 

Data management reform: Committee to overhaul RBI data collection, propose institutional and technological changes to improve data quality. A Committee has been constituted to review and reform the RBI's data collection, storage, access, management and dissemination processes to enable granular, multi purpose data collection and integrated data production supporting monetary, macro financial and supervisory functions. Its terms of reference require assessment of availability, coverage, frequency, timeliness and quality of existing data and surveys, review of prior recommendations on data gaps, and proposals for institutional and technological changes within the Reserve Bank and at banks to ensure consistent single source data, data integrity and reduced reporting burden; the Committee must consult stakeholders and submit a report within a specified short period.