RBI announces to set up Data Sciences Lab to improve its forecasting and surveillance

What: DATA SCIENCE LAB

Who: RBI

Why: To aid policy formulation

  • Reserve Bank of India on April 5, 2018 announced to set up Data Sciences Lab.
  • The proposed lab will improve RBI’s forecasting, surveillance and early warning detection abilities which will aid policy formulation.
  • As per RBI, the lab will comprise experts and budding analysts, who are trained in Computer Science, Data Analytics, Statistics, Economics, Econometrics and Finance.
  • The lab is likely to become operational by December 2018.
  • According to the RBI, policy making not only benefits from data collected through regulatory returns and surveys but also from large volumes of structured and unstructured real-time information.

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