into account their distinct role and contributions. overall, the federal reserve has sharpened its focus on financial stability and is taking that goal into consideration when carrying out its responsibilities for monetary policy. i support these developments and pledge, if confirmed, to continue them. our country has come a long way since the dark days of the financial crisis, but we have farther to go. likewise, i believe the federal reserve has made significant progress toward its goals but has more work to do. thank you for the opportunity to appear before you today. i would be happy to respond to your questions. bis central bankers ’ speeches

and its processing into useful information for mis and bis central bankers ’ speeches decision making purposes. for achieving this objective, it is pertinent that uniform data reporting standards are put in place. we recognise that use of uniform reporting standards for data collection process will effectively reduce the reporting burden, ease validation, and improve overall efficiency. to ensure smooth flow of quality data in a timely manner to the users, we have mandated that : • uniform data reporting standards be developed • data flow be automated from the source systems of banks to their mis server and submitted to the reserve bank in an automated manner without any manual intervention. xbrl and iso 20022 26. reserve bank has also made some pioneering efforts in the field of reporting standards. basically two significant initiatives i. e. xbrl project and adoption of iso standards for rtgs messages. within the reserve bank, xbrl has been viewed as a natural evolution of its existing online returns filing system ( orfs ). while orfs does the job of data capturing and transmission of returns from banks to the reserve bank, it incorporates no in - built standardization. xbrl enables standardization and rationalization of elements of different returns using internationally recognised best practices in electronic transmission. in the process, xbrl also facilitates rationalisation of number of returns to be submitted by the banks, thus reducing their reporting burden. as far as the second initiative is concerned, the new rtgs that is being launched tomorrow is using iso 20022 standards. this is first instance across the globe for high value payment systems. automated data flow ( adf ) 27. another effort that has borne fruit is the adf project. banks have undertaken to bring returns to be submitted to the reserve bank under automated data flow ( adf ). a majority of banks have implemented suitable solutions to generate all the returns to be submitted to the reserve bank. by implementing this, commercial banks are able to automate the flow of data from their cbs or other it systems to the reserve bank in a straight through manner without any manual intervention. banks have adopted different strategies for putting in place systems and processes to achieve the above. reserve bank is closely monitoring the progress of implementation of this project. this will benefit the banks as also the regulator by enabling more informed policy decisions and better regulation. over and above the regulatory benefits, there are many other benefits as well to the internal operations, efficiency and management of banks. all these would fructify if only the data quality is assured at every