RBI shortlists 5 IT firms for implementation of Centralised information and Management System

Reserve Bank of India (RBI) has shortlisted five IT firms for implementation of Centralised Information and Management System (CIMS) for seamless data collection and validations. These five IT firms are Infosys, Tata Consultancy Services (TCS), Capgemini Technology Services India, IBM India and Larsen & Toubro Infotech. These five firms were selected based on expression of interest (EOI) notified by RBI in July 2018 for identification of solution provider for implementation of CIMS by overhauling its Data Warehouse (DW).

Centralised Information and Management System (CIMS)

RBI has proposed CIMS comprising of DW and Data Lake (DL) to harness power of big data analytics. CMIS will include seamless data collection from regulated entities by creating system-to-system interface, system driven data validation and data review, flexible and scalable data repository and providing data dissemination platform. It will also include centralised analytics platform to facilitate creation of RBI Data Sciences Lab.

Background

RBI in April 2018 had announced to gainfully harness power of big data analytics by setting up data sciences lab that will comprise experts and budding analysts, internal as well as lateral trained in computer science, data analytics, statistics, economics, econometrics and finance. In pursuance of this goal, it had issued EOI in July 2018 for implementation of CIMS. One of functional requirements for CIMS enshrined in EOI was to establish system-to-system interface for automated element based data collection from about 130 banks/entities

Month: Current Affairs - September, 2018