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.
