Reserve Bank of India has decided to set up Data Sciences Lab to improve its forecasting, surveillance and early warning detection abilities which will aid policy formulation.
In a press release, it said 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.
RBI said the lab will comprise experts and budding analysts, who are trained in Computer Science, Data Analytics, Statistics, Economics, Econometrics and Finance.
The unit is likely to become operational by December this year
