The Reserve Bank has shortlisted five IT firms including Infosys and TCS for implementation of a centralised information and management system (CIMS) for seamless data collection and validations.
The Reserve Bank has shortlisted five IT firms including Infosys and TCS for implementation of a centralised information and management system (CIMS) for seamless data collection and validations. The central bank had invited of expression of interest (EOI) in July for identification of solution provider for implementation of CIMS by overhauling the Data Warehouse (DW) of the apex bank.
After evaluation of the responses, the Reserve Bank of India (RBI) said “it has been decided to shortlist” five vendors for issuance of ‘Request for Proposal’ (RFP) for selection of vendor for CIMS development and implementation.
The vendors are: Capgemini Technology Services India, IBM India, Infosys, Larsen & Toubro Infotech and Tata Consultancy Services. The RBI had proposed a CIMS comprising of DW and Data Lake (DL) which would include, seamless data collection from regulated entities by creating system-to-system interface; system driven data validation and data review; flexible and scalable data repository and providing data dissemination platform.
The CIMS would also include centralised analytics platform to facilitate creation of RBI Data Sciences Lab.
The RBI, in April, had announced to gainfully harness the power of big data analytics by setting up a data sciences lab that will comprise experts and budding analysts, internal as well as lateral, who are trained inter alia in computer science, data analytics, statistics, economics, econometrics and/or finance.
One of the functional requirements for CIMS, as per the EOI, was establishing system-to-system interface for automated element based data collection from about 130 banks/entities.