India’s central bank Reserve Bank of India (RBI) has asked the banks to provide true data as reflected in their core banking system (CBS) on the state-level banking committee’s website.
Currently, the quarterly meetings at State Level Bankers’ Committee (SLBC), District level Consultative Committee (DCC) and Block Level Bankers’ Committee (BLBC) emphasise on the performance of banks in disbursing loans accordingly to the Annual Credit Plan.
In a statement, RBI said that a majority of these data submitted by banks are manually compiled and entered into the Data Management Systems of the SLBC Convener Banks, which causes significant integrity and timeliness issues.
This data also varies significantly compared to the data present in the CBS of the respective banks.
Accordingly, RBI called to develop a standardised system on the website maintained by each SLBC to carry out uploading and downloading of the data for block, district and state segments.
This data can also be downloaded directly from the CBS and/ or MIS of the banks to minimise the need of manual intervention.
Besides these directives, the RBI also asked that the SLBC meetings should comprise of senior functionaries of the bank and focus on policy issues, while other can be passed down to the sub-committees.