Tuesday, July 25, 2017
News

Banks should take lead on workforce standardisation: RBI Deputy Governor (Second Lead)

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Kolkata | Friday, 2017 10:45:05 PM IST
 
Arguing in favour of workforce standardisation in the banking and financial sectors, Reserve Bank of India Deputy Governor Viral Acharya on Friday urged the banks to come up with leadership and initiative to achieve the goal.

"Workforce standardisation is needed. But it can't be everything coming from the central bank. The banks can also take some leadership and initiatives," he said on the sidelines of 'Ninth ICC Banking Summit 2017' organised by the Indian Chamber of Commerce here.

"We have commercial lenders, we have two big mortgage lenders and a few big lenders in the MSME segment. I think they can really set the standards by evolving the data templates themselves and then they could be rolled out with the rest of the industry," Acharya added.

Describing the Indian banking system as a "fertile ground with a lot of potential", he said the data standard should be improved before pushing for data analytics in the credit industry.

"We want to push this forward as I said it is a long time measure. But we need to develop the data standards first, do the collection and aggregation and then, hopefully disseminate it," he added.

Acharya emphasised on the need of creating a diagonal economic and financial services.

"Alongside bank and other financial institutions, we need to develop a whole diagonal ecosystem of economic and financial data and financial services, that should collect, collate and generate new data points in the financial market," he said.

He also claimed that information analytics that deals with immediately usable data forms, would help in creating information-based business opportunities.

"This would let people understand where to invest money and which part of the country can be used for investing in which sector. This would also help in analysis based policy making," he said.

Citing the example of e-commerce data that gets literally created during the transactions, Acharya advocated the creation of inflation-consumption data matrices on a real time basis and production of better employment data within the formal economy.

He also emphasised on the importance of quantifying "the rural and informal economy" in a better way to understand the impact of major policy changes like demonetisation.

--IANS mgr/bdc/vd

( 377 Words)

2017-05-19-22:04:09 (IANS)

Watch News Videos

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
TRENDING TOPICS
 
 
 
CITY NEWS
MORE CITIES
 
MORE BUSINESS NEWS
India should target inflation rate of 4-...
Congress releases letter on transparency...
Government considering path-breaking FDI...
D-Street indices open at record high; Fo...
Qbera begins next phase of expansion in ...
KENT RO Systems signs up as principal sp...
More...
 
INDIA WORLD ASIA
Prez condoles passing away of Prof U R R...
Emirates highlights female role models i...
Threat to writers: PuKaSa to hold protes...
Hemant Soren says party has commenced pr...
Nagaland Addl. Chief Secy. n...
Naqvi flags off first batch of Haj pilgr...
More...    
 
 Top Stories
Jada Pinkett's 'unconventional' mar... 
Saudi to allow Qatari pilgrims desp... 
Use turmeric for anit-aging, healin... 
Russia sends forces to bolster ceas... 
Trump asks why nobody is investigat... 
Louis Tomlinson's 'coincidental' re... 
Human trafficking tragedy claims 10... 
Arjun Rampal 'rocks on' bandhgala w...