Information on India’s unorganised sector is not adequate, and on many other issues the Reserve Bank of India (RBI) has to conduct its own research to arrive at good policy decisions, according to Governor Urjit Patel.
A central banker need to think fresh in an ever changing world, and the central bank resorts to surveys and analysis to understand household and firm behavior, Patel said at the convocation ceremony at Meghnad Desai Academy of Economics on Friday.
“However, the need now is to understand micro-level price formation dynamics in new dimensions such as e-commerce, digital transactions and big cross sectional data. This applies to domains such as banking, non-banking financial intermediation, payments, currency management and financial inclusion as well,” the governor said.