Central Bank had emphasized the importance of both quality and timeliness of data for its processing into useful information for MIS and decision making purposes. To achieve this, uniform data reporting standards are of vital importance.

Banks are in various stages of implementation of the Automated Data Flow (ADF), a project initiated by the Central Bank to ensure smooth and timely flow of quality data from the banks to the Central Bank. Simultaneously, work is also underway to develop the XBRL schema for regulatory returns which enables standardization and rationalization of various returns with internationally accepted best practices of electronic transmission of data as also on Harmonization of Banking Statistics. It is in this context, various Committees for Data Standardization has been formulated, to will bring about synergy and uniformity in the efforts being undertaken in the areas of data reporting and data standardization.

As per the Data Governance Institute (DGI), “Data Governance is the exercise of decision-making and authority for datarelated matters”. “Data Governance is a system of decision rights and accountabilities for information-related processes, executed according to agreed-upon models which describe who can take what actions with what information, and when, under what circumstances, using what methods”.

• lustrative issues in data standardization for banks (credit data)
• Ensuring of Unique customer id, correct mapping of individual accounts of a customer under unique id
• Ensuring availability of flag for “restructured” accounts
• Incorporating field for Diminution in fair value for restructured accounts and other details relating to restructuring
• To flag the nature of loan - individual, multiple banking and consortium
• Making use of “group id” concept for automatically calculating group exposures
• Flag for “whether securitized”
• History details for NPA
• Capturing details of date of sanction of loan and purpose of loan.
• Flag relating to direct or indirect sector of priority sector and whether interest subvention applicable. Details relating to priority sector – eg. MSE (Micro and Small borrowers), housing loan borrowers in metropolitan centres with population of above 10 lakh, education loans for studies abroad, loans granted to distressed farmers
• Minority communities under weaker section, distressed farmers, minority communities under weaker section, National Rural Livelihood Mission(NRLM) etc.
• Making sector, industry and activity codes as mandatory fields in system