Mumbai, June 28 The Reserve Bank has embarked on artificial intelligence (AI) and machine learning (ML) analytics in several domains to develop cutting-edge systems for high-frequency and real-time data monitoring and analysis, RBI Governor Shaktikanta Das said on Friday.
In his speech at the inauguration of the 18th RBI Statistics Day Conference, Das said, “The focus now is naturally on building capacity in AI and ML techniques and analyzing unstructured text data. In doing so, ethical considerations need to be taken into account and biases in algorithms need to be eliminated.”
He said this annual event provides an opportunity to reflect on the current state and development of the statistical system. It also provides an opportunity to take stock of improvements made to the application of statistical methods and technologies in the field of public policy.
“Looking forward, the year 2025 has special significance for the establishment of official statistics around the world. Global efforts are expected to result in new global standards for the compilation of macroeconomic statistics, particularly for national accounts and balance of payments. Our Reserve Bank team is closely monitoring these developments,” the RBI Governor said.
Increasing computing power is increasingly being harnessed in combination with statistical methods to improve decision-making efficiency and enrich end-user experience in various areas of human knowledge, a- he added,
The celebration of Statistics Day in India coincides with the birth anniversary of Professor Prasanta Chandra Mahalanobis, whose contribution in laying the foundations of modern official statistics in India was pioneering. Inspired by his work, Indian statisticians are making their presence felt – both nationally and internationally in traditional as well as newer applications of statistics, he added.
Das highlighted areas where the Reserve Bank’s cutting-edge information management contributes to public policy formulation and India’s overall economic development.
“A year ago, we launched our next-generation data warehouse, namely Central Information Management System (CIMS) at the Statistics Day conference. Several new features have been introduced in the new system. Scheduled Commercial Banks (SCBs), Urban Cooperative Banks (UCBs) and Non-Banking Financial Companies (NBFCs) have already been onboarded to generate reports on the new portal,” he said.
The new CIMS also facilitates research on the Indian economy, minimizing the reporting burden, leveraging technological advancements and improving the experience of data providers and users, Das added.
–IANS
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