Central bank to improve use of technology for data processing and analysis
The Reserve Bank of India (RBI) is working to improve the use of technology in the way it processes and analyzes data, Governor Shaktikanta Das said on Friday. The central bank is making progress in text mining, disseminating clues based on online data and using big data analysis and machine learning algorithms, he added.
“Central banks haven’t exactly been at the forefront of the big data revolution, which has brought us tools and techniques for rapid processing, but that’s changing. A number of central banks are using methodological advances in areas such as economic analysis, agriculture, environmental protection, marketing, etc. Das said at a conference in Guwahati.
As statistics grow in importance in the context of increasing availability and complexity of data and advances in methods, research must strive to unleash its full potential to solve policy and operational problems, Das said.
“Communication of statistics is indeed a delicate issue. As central bankers, we need to balance and consider different audiences,” he observed. As the RBI builds and maintains an integrated information infrastructure of national significance, data security remains a top priority. Constantly monitoring developments and evaluating associated technologies will facilitate an overall threat and business continuity assessment, Das said.