Seeking to address data gap problems, a Reserve Bank of India (RBI) panel made a case on Tuesday, for compilationof separate indices on producer price, labour force survey, urban wages, retail sales, construction activity survey and household indebtedness with a view to improve monetary policy formulation.The RBI panel headed by RBI Executive Director Deepak Mohanty in a statement issued in Mumbai said, with increasing integration with the global economy and the growing complexity of the economic structure, information needs have increased considerably and data gaps are being experienced in various domains of central banking. The statement added that to address the concerns and to place the information management on a more technologically mature footing the RBI has set up Committee on Data and Information Management.The panel suggested that the scope and coverage of the financial soundness indicators may be expanded to non-bank segments of the financial sector. The frequency of compiling sectoral flow of funds may be made quarterly starting with the financial sector. It also suggested standardising various attributes and dimensions of data. It recommended the use of extensible Business Reporting Language (XBRL) as the principal vehicle for data submission.