The Reserve Bank of India (RBI) is working to enhance the use of technology in the way it processes and analyses data, governor Shaktikanta Das said on Friday. The central bank is making headway in text mining, now casting, on-line data-based indices and the use of Big data analytics and machine learning algorithms, he added.
“Central banks have not exactly been at the fore front of the Big Data revolution, which has brought us tools and techniques for rapid processing, but the picture is now changing. A number of central banks are using the methodological advances in domains such as economic analysis, agriculture, environmental protection, marketing, etc,” Das said, speaking at a conference in Guwahati.
As statistics gains more prominence in the context of increasing availability and complexity of data and advances in methods, research must strive to unlock their full potential in addressing policy and operational issues, Das said.
“Communication of statistics is indeed a tricky issue. As central bankers, we need to balance and be mindful of different audiences,” he observed. As the RBI builds and maintains integrated information infrastructure of national importance, data security remains a top priority. Constant tracking of developments and assessing the associated technologies will facilitate a holistic assessment of threats and business continuity, Das said.