Why the RBI Is Being Urged to Rethink and Expand India’s Banking Data Architecture

In a recent speech, “Poonam Gupta”, Deputy Governor of the “Reserve Bank of India”, described the central bank as “not just an important source, but at times the only source for comprehensive data.” The remark reflects a long-standing reality of India’s financial system: the RBI has been the backbone of credible, comprehensive and publicly accessible banking data. As economies digitise and financial systems grow more complex, Gupta’s call to treat data as a “public good” — requiring regular updating, revision and expansion — has renewed attention on how India’s banking data ecosystem needs to evolve.

Why RBI’s banking data matters more than ever

Banks sit at the heart of India’s financial architecture. As financial intermediaries and the backbone of the payments system, they generate massive volumes of data — from high-frequency transactional flows to annual balance sheets. This data underpins monetary policy transmission, financial stability assessments, credit allocation analysis and real-sector policymaking.

Much of this information already flows to the RBI through statutory returns mandated under banking, payments and regulatory laws. Yet, for researchers and policymakers outside the central bank, the most reliable public window into bank-level data remains the RBI’s annual publication, “Statistical Tables Relating to Banks in India” (STRBI).

The central role — and limits — of STRBI

STRBI, usually released in December, compiles time-series data for individual Scheduled Commercial Banks (SCBs) and bank groups in a single, freely accessible source. Its credibility, consistency and zero cost make it indispensable for banking research in India.

However, the publication’s timing and scope are increasingly out of sync with the speed at which banking data is now generated and processed. Banks typically complete their Annual General Meetings by September-end, while audited annual accounts are submitted to the RBI well before that. With rising electronification of regulatory reporting, the question naturally arises: “can STRBI be released earlier, perhaps by October-end?”

An alternative could be a phased release — first public sector banks, followed by private banks and then foreign banks — allowing faster dissemination without sacrificing data integrity.

What crucial information is still missing from public datasets

A significant amount of quantitative and qualitative information already exists in banks’ audited balance sheets and “Notes on Accounts,” vetted by RBI-approved auditors. Yet, much of this data does not fully find its way into STRBI.

Key examples include:

• Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR)
• Transfers to the Depositor Education and Awareness Fund
• Penalties imposed by regulators
• Cross-selling income
• Deposit insurance coverage and premiums paid
• Customer complaint statistics

Some data series also need urgent updating. Unclaimed deposits — currently reported under “Other Tables” in STRBI — have gained topical importance due to policy and consumer protection concerns. Similarly, the classification of industry-wise gross bank credit needs finer disaggregation to reflect new-age sectors such as digital services, renewable energy and platform-based businesses.

The data lag problem in co-operative banking

Data challenges are even more acute in the co-operative banking segment. For Urban Co-operative Banks (UCBs), the RBI’s “Primary (Urban) Co-operative Banks Outlook”, released in December, typically reflects data that is already a year old.

This lag partly reflects structural issues: the large number of UCBs and persistent delays in finalising audited accounts. However, as the RBI prepares a discussion paper on the licensing framework for new UCBs, this reporting delay becomes more consequential. Timelier and more granular data will be critical if regulatory oversight and sectoral reforms are to be evidence-based.

Why better banking data strengthens policy credibility

High-quality banking data is not an academic luxury. It directly supports policymaking in both the financial and real sectors — from assessing credit flow to MSMEs, to monitoring systemic risk and consumer protection outcomes.

Even as alternative and private data sources proliferate, the RBI’s role as an official, trusted and standard-setting authority remains paramount. That status, however, also places a responsibility on the central bank to continuously upgrade the breadth, frequency and relevance of the data it releases.

A case for an internal rethink at the RBI

One proposal gaining traction is for the RBI to constitute an internal committee to review and redesign its entire banking database architecture. Such an exercise would require cooperation from banks as data suppliers, as well as consultation with prominent institutional and individual data users — including researchers, economists and policy analysts.

Ultimately, data is only a means to an end. The goal is practical, policy-oriented research that improves banking outcomes and economic performance. Strengthening the RBI’s public banking datasets must go hand in hand with encouraging commercial banks to build deeper in-house “banking research” capacity — distinct from macroeconomic analysis — so that data-driven insights benefit both the financial system and the broader economy.

In that sense, expanding and modernising banking data is not merely a statistical exercise. It is an institutional investment in better governance, sharper policy and a more resilient financial system.