##e ) has established a regional statistical data collection system covering as many as 25 indicators including business conditions, price variation, labour and employment. these are different from the qualitative surveys. information so collected is analysed and transformed into scores which forms an important input in the deliberations of the monetary policy committee ( mpc ) of the boe. india is a country with significant regional variations. hence regional inputs are valuable for policy making. with its reorganised structure and envisaged wider presence of regional offices in major centres, the department may put a similar system of gathering relevant statistics and market intelligence, particularly in the area of prices and agricultural conditions to aid policy formulation at the national level. sixth, as a part of the on - going work with dcm on forecasting of demand for currency and coins, it is necessary to conduct focused regional surveys relating to ( i ) availability / shortages of coins / currency notes, ( ii ) regional practice and usage of currency notes, and ( iii ) estimation of counterfeit currency notes in the system. in addition, the regional offices of the department could be directly involved in conducting surveys on financial inclusion, particularly assessment of financial inclusion outcomes in the villages following the outreach programme of the bank. seventh, the department has noticeable presence in a number of central office departments, like department of external investment and operations ( deio ), monetary policy department ( mpd ), internal debt management department ( idmd ), department of information technology ( dit ), department of payment and settlement systems ( dpss ), department of banking supervision ( dbs ) and financial stability unit ( fsu ). it is desirable that our officers bis central bankers ’ speeches in these departments provide analytical inputs for policy and operational issues and come out with research papers. these papers could be presented in conferences and published eventually in the rbi working paper series. this will make research more valuable in furthering our organisational objectives. eighth, focused and determined approach to research across various units, including the regional offices, should be pursued so that research agenda being adopted by the department is accomplished in a timely manner. for data management and dissemination, technology must be harnessed to its fullest extent. there is also a need to strengthen the modelling and forecasting capabilities towards developing a full fledged forecasting suite including dsge models. finally, i congratulate the department for its many achievements. however, there are challenges ahead, to some of which i have drawn your

with benchmark administration 10. all benchmarks are susceptible to weaknesses arising from the nonzero probability of errors of omission and commission, the liquidity and diversification of underlying markets, technology induced changes in market microstructure, etc. there is a need for constant vigilance on all these fronts even in the most liquid of markets. the need for vigilance is stronger still in case of benchmarks in less liquid / illiquid markets where benchmarks are based on polling and / or model - based rates. in the rest of my speech, i will dwell upon some specific features of financial markets in india which can pose challenges for effective benchmark development and administration and which we will all need to be cognisant and watchful about. money markets 11. consider the overnight money market in india. in the call money market - used for the calculation of mibor benchmark - non - banks were phased out beginning from 2001. prudential limits on borrowing and lending in the call money market by banks and primary dealers were also put in place in 2002. synchronous with this, the repo markets were developed and repo in government securities ( g - secs ) witnessed robust growth in line with global trends towards collateralised overnight markets. amidst these developments, call money transaction volumes declined – both relative to repo markets, as well as in absolute terms. the share of call transactions in overnight money markets has gradually come down from more than 20 % in 2011 - 12 to below 2 % in 2022 - 23 ( chart 1 ). meanwhile, daily turnover in the call money market declined from just over ₹19, 000 crore at one stage and is currently at around ₹12, 000 crore ( chart 2 ). the participant base in the market has also been shrinking. 3 chart 2 - daily turnover in overnight call money markets 100 % 20. 0 ₹ thousands crore chart 1 - share of call vs repo money markets per cent 80 % 60 % 40 % 20 % 17. 5 15. 0 12. 5 10. 0 7. 5 0 % 5. 0 call market repo and cblo / treps source : rbi and clearing corporation of india ltd. ( ccil ) of course, such uneven distribution between collateralized and uncollateralized segments are also observed in other jurisdictions. for instance, in the overnight segment in us, the daily turnover in secured overnight financing rate ( sofr ) is over 10 times the turnover