savings, money transfer services, micro - insurance etc. to poor people and attempt to fill the void left between the mainstream commercial banks and money lenders. over the last few years nbfc - mfis have emerged as a fast growing enablers in providing the financial services to the poor people by providing capital inputs to poor which generates self - employment, and thereby promotes inclusive growth. the credit provided by the nbfcs – mfis10 increased from just rs. 105 billion as on march 2010 to rs. 151 billion as on march 2011 and declined to rs. 117billion on account of the ordinance passed by the ap government that stopped all mfis from collecting payments by force or even disbursing loans by the mfis. however, in march 2013, the outstanding credit disbursed by the mfis increased to rs. 144 billion due to partial resumption of mfi activities, source : consolidated based on the returns submitted by the nbfcs to dept. of non - banking supervision, reserve bank of india. source : handbook of statistics on indian economy. data pertains to nbfcs which are predominantly engaged in micro finance activities have been consolidated based on the returns submitted by them to dept. of non - banking supervision. bis central bankers ’ speeches owing to implementation of the malegam committee recommendations and certain supreme court orders favourable for mfis. to encourage mfis, as per the malegam committee recommendations, rbi has created separate category under nbfcs. as on date, around 33 mfis have been registered with rbi. 4. 3 monetisation of gold gold loan nbfcs provide loans against security of gold jewellery. although banks are also involved in gold loan business, nbfcs ’ gold loans witnessed phenomenal growth due to their customer friendly approaches like simplified sanction procedures, quick loan disbursement etc. branches of gold loan nbfcs increased significantly during the last couple of years mostly housed at semi - urban and rural centres of the country. gold loan nbfcs help in monetisation of idle gold stocks in the country and facilitate in creating productive resources. credit extended by the gold loan nbfcs witnessed a cagr of 86. 7 per cent during the period march 2009 to march 2013. in absolute terms, nbfc gold loans increased from just rs. 39 billion as on march 31, 2009 to rs. 475 billion as on march 31, 2013. bis central

the data was naturally nonstandard and when this data was imported ipso facto, as part of core banking solution, with a bit of data sprucing, the non - standard data needed some “ treatment ” before it could be used across all activities. the problem became more complex as the banks were migrating to a non data centre environment ; without any business process re - engineering. therefore, the bulk of data could not be used straightaway in a seamless decision support system ( dss ). having done this now, and also subsequently having established a robust data warehouse model, the natural attention is now to deploy a state of art business intelligence ( bi ) software that could double up as dss. data quality and basel ii 18. data quality is a global issue and not just restricted to any geographical or economic jurisdiction. a survey focusing on data quality and approaches to data management sponsored by the risk management association and automated financial systems, inc. ( november 2012, the rma journal ) revealed that only 46 % of those surveyed rated the quality of data within their institutions as either excellent or above average. other important findings of this survey were : • regulatory requirements were more of a driver for large institutions ’ data cleanup initiatives, while community banks were driven more by risk management and quality initiatives. • banks around the world were beginning to assign data management responsibilities to senior - level position. bis central bankers ’ speeches • all banks, regardless of size, reported that accurate data is essential for more timely identification of emerging problems and for reducing regulatory and legal risks. • the lack of integration of risk and financial - related reporting, as well as the lack of flexibility to extend the current systems, created the most concern for large institutions across the board. 19. the pillar ii accord of basel ii vests the responsibility of data quality and data management on the financial institutions. banking business must at all times ensure accuracy of credit risk exposure calculations. this becomes all the more challenging for international banks that have global footprints. several jurisdictions have made it a requirement to certify the data quality. banks under certain jurisdictions need to self - certify the accuracy, completeness, and appropriateness of basel - critical data. 20. reserve bank on its part, had issued a notification laying down a time schedule for all scheduled commercial banks operating in the country for implementation of the advanced approaches for the regulatory capital measurement under basel ii framework. in its detailed irb guidelines released in december 2011, the bank had laid stress on