What is the CIMS?
CIMS, as the name suggests, is the RBI's new-generation data warehouse and management platform. It uses the latest technology to manage big data and serves 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 indicator.
In the short to medium term, the CIMS would lead to a shift in the Reserve Bank's economic analysis as well as supervision, monitoring and enforcement across multiple domains, Governor Das said. Banks will be the first regulated entities that will start reporting data on the CIMS while urban cooperative banks (UCBS) and nonbanking financial companies (NBFCs) will be onboarded gradually.
What did the RBI use earlier?
This story is from the July 17, 2023 edition of Financial Express Mumbai.
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This story is from the July 17, 2023 edition of Financial Express Mumbai.
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