Government proposes setting up Financial Data Management Centre
Posted on:30 Dec 2016 17:58:42
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30 December 2016 Current Affairs: The Union Government has proposed setting up Financial Data Management Centre (FDMC) based on recommendation of a committee set up under the Department of Economic Affairs (DEC).
The Committee was headed by Ajay Tyagi, Additional Secretary in Union Finance Ministry and has submitted its report and a draft bill titled The Financial Data Management Centre Bill, 2016.
Standardise data from all financial sector regulators in a single database and provide analytical insights based on the data to ensure stability in the economy.
Take measures to standardise data from regulators, enable financial service providers to submit data in a standardised electronic format, analyse data and maintain a financial system database. Establish, operate and maintain the financial system database along with collecting financial regulatory data and providing access to it. Provide analytical support to the Financial Stability and Development Council (FSDC) on issues relating to financial stability.
In 2015, FSDC first had suggested the creation of such a body, after Reserve Bank of India (RBI) had objected to share company-specific data with FSDC.
RBI had given reason that FSDC is not a statutory bod in nature, and sharing such data would be a breach of confidentiality. To resolve this issue, Union Finance Minister Arun Jaitley in his 2016-17 Budget Speech announced setting up of statutory FDMC under the aegis of the FSDC to facilitate integrated data aggregation and analysis in the financial sector.
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