, the bundesbank is working on a dynamic and adaptable repository which connects the relevant stakeholders like data producers or researchers in an interactive and learning knowledge map. summing up overall, technology and innovation can contribute to improvements in the production of statistics and, ultimately, knowledge in central banks. reaping these benefits requires good planning, commitment of leadership, and good dialogue with all stakeholders. seite 16 von 18 deutsche bundesbank, directorate general communications wilhelm - epstein - strasse 14, 60431 frankfurt am main, germany, tel : + 49 ( 0 ) 69 9566 3511 or 3512, fax : + 49 ( 0 ) 69 9566 3077 presse @ bundesbank. de, www. bundesbank. de reproduction permitted only if source is stated. at this point in time it seems useful to “ start small ” and learn from experience. different input factors need to be combined to generate “ innovative processes ”, and it is not clear a priori which combination generates the best results. experimenting with different models can thus be useful. new approaches and ideas are needed and welcome. the “ statistical value chain ” is changing profoundly given to the increased demand for microdata. this in turn is likely to have implications – for required skills, data - governance, and the organization of work. we need to “ think outside the box ” to best management these challenges. in this sense, the establishment of units which think and organize work across the traditional “ silos ”, which establish a culture of knowledge sharing can be useful to experiment with and implement useful, innovative ideas. i i would like to thank stefan bender, jurgen hacker, claudia wieck, and simon oehler for most helpful contributions to an earlier draft. any errors and inconsistencies are my own. samuel, arthur l. ( 1959 ). some studies in machine learning using the game of checkers. ibm journal of research and development. poole, d., mackworth, a., goebel, r. ( 1998 ). computational intelligence : a logical approach. new york : oxford university press. prediction here is meant in a wide sense and is particularly not restricted to the case of forecasting in longitudinal settings. moore, gordon, e. ( 1965 ). cramming more components onto integrated circuits. electronics, pp. 114 – 117. carr, nicholas g. ( 2003 ). it doesn ’ t matter. harvard business review, may issue

k c chakrabarty : transforming credit information into action – issues and challenges keynote address by dr k c chakrabarty, deputy governor of the reserve bank of india, at the sixth annual credit information conference, organized by cibil – credit information bureau ( india ) ltd –, mumbai, 20 march 2014. * * * assistance provided by shri rajesh jai kanth and ms. jayanthi n. in preparation of this address is gratefully acknowledged. 1. shri m. v. nair, chairman, cibil ; shri r. v. verma, cmd, national housing bank ; shri m. v. tanksale, chief executive, indian banks ’ association ; shri rajiv sabharwal, executive director, icici bank ; shri arun thukral, managing director, cibil ; shri satish pillai, chief operating officer, cibil ; delegates to the conference ; friends from the media fraternity ; ladies and gentlemen! it is a pleasure for me to be present here this morning to deliver the keynote address at the sixth annual credit information conference organized by cibil. it is heartening to note that cibil has completed 10 years of successful operations of its consumer bureau in india. while i congratulate the entire team of cibil on this occasion, i must also sound a word of caution amidst the euphoria that this occasion brings in. it is a time for cibil and indeed for all the credit information companies in the country to introspect and reflect on what the industry has achieved over the last decade and whither to from here? the spurt in the stressed assets in the banking system has put a spotlight on the effectiveness of the credit information companies in the country. with huge increase in the data / information availability, could they have sounded a timely warning about the impending deterioration in the quality of assets in the banking system? 2. as the pioneer of the credit information services in the country and as the most dominant player in the industry, cibil has a very critical role in how industry responds to the current challenges and adapts itself to remain relevant. in the financial services industry, the dominant player has to be much more resilient, much more responsive and much more restrained than others. these are the qualities you must develop. cibil has a tremendous responsibility, a responsibility to not only propagate the usage of credit information by the lenders but, at the same time, of ensuring that the consumers see merits in