The work by RBI’s Big Data analytics division would be used for everything from inflation management to banking supervision to financial inclusion. The RBI said it would be setting up a data sciences laboratory that would employ professionals with skills in computer science, data analytics, statistics, economics, econometrics and finance. Many other central banks are already experimenting with Big Data analytics. This column had noted in August 2017 that the Union finance ministry had already begun to experiment with Big Data. So put this down as one of the most under-appreciated developments of the past few months—the embrace of Big Data analytics by the Indian economic policy establishment.

Source: Mint April 11, 2018 01:07 UTC