India’s central bank has long been regarded as the most authoritative source of macroeconomic and financial data. This status was recently reaffirmed by Poonam Gupta, Deputy Governor of the Reserve Bank of India, who described the RBI as “not just an important source, but at times the only source for comprehensive data.” Framing data as a “public good,” she underlined the need to continuously update existing data series and construct new ones in line with structural changes in the economy. This call has direct relevance for the RBI’s banking-sector database, which remains extensive yet incomplete in important respects.
Why banking data matters for economic governance
Banks sit at the core of India’s financial system—as intermediaries of savings and investment and as the backbone of the payments architecture. In performing these roles, they generate vast volumes of data, ranging from high-frequency transactional information to detailed annual accounts. A significant share of this data is already transmitted to the RBI through statutory returns mandated under various laws and regulations. Beyond these returns, banks’ balance sheets and Notes on Accounts, vetted by RBI-approved auditors, contain rich quantitative and qualitative information that is crucial for understanding systemic risks, financial inclusion, and credit allocation.
STRBI: a valuable but improvable resource
For decades, the RBI has published consolidated banking data through its annual publication, Statistical Tables Relating to Banks in India (STRBI). Released typically in December, STRBI provides long time-series data for individual Scheduled Commercial Banks (SCBs) and bank groups at no cost and with high credibility, making it indispensable for banking research and policy analysis.
However, there is a strong case for improving both the timeliness and the scope of this publication. Banks usually conclude their Annual General Meetings by end-September, and detailed annual accounts are submitted to the RBI well before that. With increasing digitisation of data transmission, advancing the STRBI release to October-end appears administratively feasible. An alternative approach could be to stagger releases—first covering public sector banks, followed by private banks and then foreign banks operating in India.
Key data missing from public dissemination
While STRBI captures a wide range of indicators, several critical data points remain buried in the Notes on Accounts and are not systematically presented in the publication. These include measures such as the Liquidity Coverage Ratio, Net Stable Funding Ratio, transfers to the Depositor Education and Awareness Fund, penalties imposed by regulators, income from cross-selling, deposit insurance coverage and premiums paid, and data on customer complaints.
Some existing series also require updating. Unclaimed deposits, reported in ancillary tables of STRBI, have gained policy salience in recent years and merit more prominent and frequent disclosure. Similarly, the classification of “industry-wise gross bank credit” needs finer disaggregation to reflect the rise of new-age industries and evolving business models.
Data gaps in urban co-operative banks
The challenge of timeliness is even more pronounced in the case of Urban Co-operative Banks (UCBs). Data published in the RBI’s Primary (Urban) Co-operative Banks Outlook typically lags by a full year, partly due to the large number of UCBs and delays in finalising their accounts. As the RBI prepares a discussion paper on the licensing framework for new UCBs, this issue of delayed and uneven data reporting warrants closer examination.
Why institutional reform within RBI is needed
High-quality banking data is essential for effective policy-making in both the financial and real sectors. Despite the rise of alternative and private data sources, the RBI’s role as the official and trusted repository remains paramount. To sustain this role, the RBI could consider constituting an internal committee to review and expand its entire banking database. Such an exercise would require cooperation from banks as data suppliers, as well as structured feedback from key data users, including academic and institutional researchers.
Data as a tool, not an end
Ultimately, data serves a purpose beyond publication—it enables rigorous, policy-oriented research. Strengthening banking data should therefore go hand in hand with enhancing research capacity, particularly within commercial banks themselves. Developing deeper “banking research,” distinct from broad economic analysis, would not only improve internal decision-making but also contribute to more informed national policy debates.
What to note for Prelims?
- Role of RBI as India’s primary official data source.
- STRBI and its significance for banking statistics.
- Key banking ratios like LCR and NSFR.
- Urban Co-operative Banks and RBI oversight.
What to note for Mains?
- Importance of data as a public good in economic policy.
- Limitations of existing banking data dissemination in India.
- Need for timeliness, granularity and credibility in financial statistics.
- Institutional reforms required within RBI to strengthen data governance.
