Reserve Bank of India, RBI 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 issued in Mumbai today, the RBI 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. 

Meanwhile, the RBI has deferred the implementation of the Indian Accounting Standards by one year as many banks are not prepared to migrate to the new accounting system.