MUMBAI — The Reserve Bank has ventured into Artificial Intelligence (AI) and Machine Learning (ML) analytics in multiple areas in order to develop cutting-edge systems for high frequency and real-time data monitoring and analysis, RBI Governor Shaktikanta Das said on Friday.
In his address at the inauguration of the RBI’s 18th Statistical Day Conference here, Das said: “The focus now is naturally on enhancing capacity in AI and ML techniques and analysing unstructured textual data. While doing so, ethical considerations need to be addressed and biases in algorithms need to be eliminated.”
He said that this annual event provides an opportunity to reflect on the current and evolving state of the statistical system. It also helps to take stock of the refinements in the application of statistical methods and technologies in the realm of public policy.
“Looking ahead, the year 2025 has a special significance for the compilation of official statistics the world over. Global efforts are expected to culminate in new global standards for the compilation of macroeconomic statistics, especially for national accounts and balance of payments. Our team in the Reserve Bank is closely tracking these developments,” the RBI Governor said.
The surge in computing power is being increasingly harnessed in combination with statistical methods to improve efficiency in decision-making and enrich end-user experience in various fields of human knowledge, he added,
The celebration of Statistics Day in India coincides with the birth anniversary of Professor Prasanta Chandra Mahalanobis whose contributions in laying the foundations of modern-day official statistics in India have been pioneering. Inspired by his work, Indian statisticians are making their presence felt - both domestically and globally in traditional as well as in newer applications of statistics, he added.
Das highlighted the areas in which the Reserve Bank’s cutting-edge information management is contributing to the formulation of public policies and the overall economic development in India.
“One year ago, we launched our next-generation data warehouse, i.e., the Centralised Information Management System (CIMS) at the Statistics Day Conference. Several new features were introduced in the new system. Scheduled commercial banks (SCBs), urban co-operative banks (UCBs) and non-banking financial companies (NBFCs) have already been onboarded for reporting on the new portal,” he said.
The new CIMS is also facilitating research on the Indian economy, minimising reporting burden, exploiting the technological advances and improving the experience of both data providers and users, Das added.