RBI Uses AI For Real-Time Data Analysis: Shaktikanta Das

The Reserve Bank has started utilizing Artificial Intelligence (AI) and Machine Learning (ML) analytics in several areas to develop advanced systems for high-frequency and real-time data monitoring and analysis, announces RBI Governor Shaktikanta Das today.

RBI’s 18th Statistical Day Conference

During his speech at the inauguration of the RBI’s 18th Statistical Day Conference, Das stated, “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.”

Application Of Statistical Methods

Das noted that this annual conference permits for reflection on the state of the statistical system and helps assess improvements in the application of statistical methods and technologies in public policy.

“Looking ahead, the year 2025 has a special significance for the compilation of official statistics the world over. Global efforts expects 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 stated.

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He highlights how higher computing power, combine with statistical methods, is correct decision-making efficiency and enhance the user experience in various fields.

Contributions Of Indian Statisticians

Das pointed out that Statistics Day in India coincides with the birth anniversary of Professor Prasanta Chandra Mahalanobis, who started the foundations of modern official statistics in India. Inspired by his journey, Indian statisticians are making significant contributions both domestically and globally in traditional and new statistical applications.

He also discussed how the Reserve Bank’s advanced information management supports public policy formulation and economic development in the nation.

“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 introduce in the new system. Schedule commercial banks (SCBs), urban co-operative banks (UCBs) and non-banking financial companies (NBFCs) have already onboard for reporting on the new portal,” he said.

The CIMS is also aiding research on the Indian economy, reducing the reporting burden, leveraging technological advancements, and improving the experience for both data providers and users, Das concluded.