The Reserve Bank has embarked on artificial intelligence (AI) and machine learning (ML) analytics.
The Reserve Bank has ventured into 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 today.
In his speech at the inauguration of the 18th RBI Statistics Day Conference, Governor Das said, “The focus now is naturally on capacity building in AI and ML techniques and on the analysis of unstructured textual data. in the algorithms must 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 overview of improvements in the application of statistical methods and technologies in the field of public policy.
“The year 2025 is of particular importance for the compilation 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 team at the Central Bank is closely monitoring these developments,” the RBI Governor said.
Increasing computing power is increasingly being exploited in combination with statistical methods to improve decision-making efficiency and enrich end-user experience in various areas of human knowledge, he added,
The celebration of Statistics Day in India coincides with the birth anniversary of Professor Prasanta Chandra Mahalanobis, whose contribution to 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.
Governor Das highlighted the areas where the Reserve Bank’s advanced information management is contributing to public policy formulation and overall economic development of India.
“A year ago, we launched our next generation data warehouse, the Centralized 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 on-boarded to report on the new portal,” he said.
The new CIMS also facilitates research on the Indian economy, minimizes reporting workload, leverages technological advancements and improves the experience of data providers and users, Governor Das added.
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