The Reserve Bank of India (RBI) has embarked on a major change in its information management framework for handling the massive data flow, aggregation, analysis, public dissemination and data governance following the launch of its CIMS.What does ‘I’ in the acronym stand for?

Solution

The Reserve Bank of India (RBI) has embarked on a major change in its information management framework for handling the massive data flow, aggregation, analysis, public dissemination and data governance following the launch of its Centralised Information Management System (CIMS). This system uses state-of-the-art technology to manage big data and will serve as a platform for power users to carry out data mining, text mining, visual analytics and advanced statistical analysis connecting data from multiple domains, such as, financial, external, fiscal, corporate and real sectors as well as prices. The new system, which is RBI’s next generation data warehouse, is starting with reporting by scheduled commercial banks and will be gradually extended to urban cooperative banks (UCBs) and non-banking financial companies (NBFCs). It will disseminate more data for public use and will also support on-line statistical analysis by external users at their end.