RBI will use its data to refine forecasting models: Shaktikanta Das

The Reserve Bank of India (RBI) will continue to refine its forecasting models leveraging data that it receives from various sources, Governor Shaktikanta Das said on Friday.

The central bank receives data from banks, various other financial companies, as well as from the markets. This data can be used to fine-tune regulatory tools, Das said.

“In the Reserve Bank too, we propose to leverage our new-age data warehouse to support a granular data access lab to facilitate research, and a sandbox environment for evaluating regulatory tools,” Das said in his keynote address at the Statistics Day Conference at the RBI.

“In the Reserve Bank, we will continue to refine the methodologies used for forecasting and assessment of macroeconomic developments on an ongoing basis,” Das said, adding that “research and analytics using cutting edge techniques will be pursued and in particular, nowcasting of growth and inflation will be further strengthened.”