RBI seeks comments on Report on Data Standardisation

Background:

The Reserve Bank of India has always emphasised the importance of both quality and timeliness of data to enable transforming the data into information that is useful for effective decision making purposes. To achieve this, uniform data standards are of vital importance.

With this background, a Committee was set up by the Reserve Bank to bring about synergy and uniformity in the efforts being undertaken in the areas of data reporting and data standardisation. The Committee was constituted with members from the Reserve Bank (drawn from Department of Information Technology, Department of Banking Supervision and Department of Statistics and Information Management), Chiefs of Returns Governance group of 3 banks (ICICI, SBI, and HSBC), Institute for Development and Research in Banking Technology (IDRBT) and Information Technology Company, Infosys. The Committee examined various dimensions of data standardisation keeping in view the terms of reference and related aspects and provided detailed recommendations in the Report.

The following aspects were examined and covered by the Committee:

1. Discussion of basic conceptual perspectives and various data/information standards in financial sector

2. Data quality, data gap issues – international developments

3. Issues in data management and data quality in banks
   Story continues below Advertisement

   Remove Ad

4. Need for data governance framework in banks

5. Data standardisation and reporting – commercial banks, Non-Banking Financial Companies (NBFCs), Urban Cooperative Banks (UCBs)

6. Automated Data Flow (ADF) Project – status, issues and way forward

7. Extensible Business Reporting Language (XBRL) project – status and way forward

8. Automating data flow from banks to the Reserve Bank

9. Data Assurance process at the Reserve Bank

10. Data standardization - system-wide Perspective

11. New developments and future perspectives

Press Release : 2014-2015/2006