Centralised Information Management System : RBI
Regulated entities (REs) will now be required to report details of their digital lending apps (DLAs) through the Centralised Information Management System (CIMS) portal of the Reserve Bank of India (RBI).
- It was introduced by the Reserve Bank of India (RBI) to handle the massive data flow, aggregation, analysis, public dissemination, and data governance.
- CIMS is a warehouse of data.
- This system uses state-of-the-art technology to manage Big data and will serve 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.
- It enhances the efficacy and efficiency of RBI’s regulatory reporting system.
- Banks and other regulated entities can submit their regulatory reports electronically using the cloud-based CIMS technology.
- Banks and other regulated firms will have less work to do as a result, and the RBI will benefit from improved timeliness and quality of its regulatory data.
- The RBI will be better able to keep an eye on the financial system and respond quickly to any new dangers.
- The RBI will benefit from improved communication with banks and other regulated companies due to CIMS.
