data breaches. additionally, ai's opacity makes it difficult to audit or interpret the algorithms which drive decisions. this could potentially lead to unpredictable consequences in the markets. banks and other financial institutions must put in place adequate risk mitigation measures against all these risks. in the ultimate analysis, banks have to ride on the advantages of ai and bigtech and not allow the latter to ride on them. conclusion 4 / 5 bis - central bankers'speeches despite the difficult trials and trade - offs, central banking in the current decade is a success story. in the realm of monetary policy, central banks have been successful in bringing inflation closer to targets. major financial collapses or recessions, seen during earlier episodes of crisis, have been averted. central banks are now at the forefront of technological innovations and are driving them through sandboxes, innovation hubs and hackathons. as we navigate the high intensity tail events and black swans of the current decade, the lessons imbibed can well form the basis of our deliberations today to chart out a course for the future. central banks must remain vigilant, adaptable, continuously assess risks and build resilience. they should remain prepared to navigate complex challenges, support sustainable growth, maintain price stability and promote sound and vibrant financial systems. thank you. 1 imf fiscal monitor, april 2024. 2 the value of global cross - border payments is estimated to surpass us $ 250 trillion by 2027 ( cross - border payments | bank of england ) 3 the global cross - border b2c e - commerce market which was valued at us $ 889 billion in 2022 is estimated to grow by more than six times to us $ 5. 6 trillion in revenue by 2030 ( cross - border b2c e - commerce market size report, 2030 ) 4 these include project nexus, a multilateral international initiative to enable instant cross - border retail payments by interlinking domestic instant payment systems ( ipss ) of four asean countries ( malaysia, philippines, singapore, and thailand ) and india. under bilateral arrangements, cross - border payment linkages have already been established by india with singapore, uae, mauritius, sri lanka, nepal, etc. 5 / 5 bis - central bankers'speeches

also participating in the imf ’ s coordinated portfolio investment survey ( cpis ) and coordinated direct investment survey ( cdis ). we contribute to the bank for international settlements ( bis ) data exchange programme. apart from the standard balance sheet related data for banks, we have a unique database, the basic statistical return ( bsr ), that provides detailed granular unit level data on important parameters of financial intermediation by the banking sector. the balance of payments ( bop ) statistics are generally based on near - complete enumeration of transactions through banking channel, unlike many other countries. we have started disseminating data on trade in services on a monthly basis starting from june 2011. statistics on corporate sector is being collected and analysed by the reserve bank for well over six decades now. the reserve bank has a long tradition in conducting surveys. for example, the direct all - india rural credit survey, later rechristened as the all india debt and investment survey, was initiated by the reserve bank way back in 1951. the reserve bank conducted the first census of india ’ s foreign assets and liabilities in 1948. since then surveys have evolved as per the need for analysis. in the recent years, the reserve bank has introduced several forward - looking quarterly surveys such as the industrial outlook survey, order book and capacity utilisation survey, inflation expectations survey, professional forecasters survey and credit conditions survey. these surveys provide inputs to the reserve bank ’ s quarterly monetary policy assessments. the results of these surveys are released in public domain for further research and analysis. apart from generation and dissemination of statistics, statisticians are also posted across various departments of the bank. they provide support for different operational aspects such as payment system, risk analysis, currency management and portfolio management evaluation. furthermore, statisticians internally generate forecasts for key macroeconomic variables. they do their own research, and publish many of their research findings. let me now turn to some of the emerging challenges. first, we must recognise that timely and accurate representation is the core objective of a good statistical system. it provides foundation for good analysis and effective policy - making. in this context, the bank ’ s it - vision document emphasises the use of uniform reporting standards and automated data flow from the source system of banks to the reserve bank. this will ensure data integration, reduce reporting burden and improve overall efficiency of the statistical system. the department should, therefore, gear up towards on - line reporting of information. second,