On 30th June, Reserve Bank of India Chairman Shaktikant Das introduced a new system called Centralized Information Management System (CIMS). This system will help banks manage and report their information more easily in the future. Das explained that CIMS handles a lot of data and helps people analyze and understand it. This is a major change in the way a bank handles information. Das spoke about this at a special event for Bank Stats. The bank announced that it is working on a new data warehouse to replace the old system it has had since 2004.
The new platform includes tools that help manage a lot of information and analyze it in different ways. This will change the way RBI analyzes and tracks money. The new system will be used first by banks and then by other financial institutions. The system will also be updated with new features soon. Information for that particular week will be processed using the system and shared later today. RBI’s investment in technology has helped a lot during the pandemic and lockdowns. The data warehouse will receive new features in the upcoming months, Das said. The weekly statistical supplement for the week ended Jun 23 will also be processed using the database. He added.
