<p>The Reserve Bank of India (RBI) has launched a new Centralised Information Management System (CIMS) that would lead to a “paradigm shift” in the central bank’s economic analysis as well as supervision, monitoring and enforcement across multiple domains, Governor Shaktikanta Das said on Friday.</p>.<p>“With today’s launch of CIMS, we embark on a major change in our information management framework for handling the massive data flow, aggregation, analysis, public dissemination and data governance,” Das said.</p>.<p>The new system uses state-of-the-art technology to manage big data and will 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.</p>.<p>CIMS is based on the recommendation of the Reserve Bank’s second Regulations Review Authority, which has made several recommendations on streamlining reporting mechanisms and reduction in regulatory compliance burden. </p>.<p>On implementation of the CIMS, RBI Governor 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).”</p>.<p>It will disseminate more data for public use and will also support on-line statistical analysis by external users at their end. Regulated entities will also have access to their past data and their assessment on quality parameters in the new system.</p>.<p>Das said that the central bank treats data as ‘public good’ and efforts have been made to disseminate increasingly more data in the public domain for use by analysts, researchers and the general public.</p>
<p>The Reserve Bank of India (RBI) has launched a new Centralised Information Management System (CIMS) that would lead to a “paradigm shift” in the central bank’s economic analysis as well as supervision, monitoring and enforcement across multiple domains, Governor Shaktikanta Das said on Friday.</p>.<p>“With today’s launch of CIMS, we embark on a major change in our information management framework for handling the massive data flow, aggregation, analysis, public dissemination and data governance,” Das said.</p>.<p>The new system uses state-of-the-art technology to manage big data and will 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.</p>.<p>CIMS is based on the recommendation of the Reserve Bank’s second Regulations Review Authority, which has made several recommendations on streamlining reporting mechanisms and reduction in regulatory compliance burden. </p>.<p>On implementation of the CIMS, RBI Governor 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).”</p>.<p>It will disseminate more data for public use and will also support on-line statistical analysis by external users at their end. Regulated entities will also have access to their past data and their assessment on quality parameters in the new system.</p>.<p>Das said that the central bank treats data as ‘public good’ and efforts have been made to disseminate increasingly more data in the public domain for use by analysts, researchers and the general public.</p>