India cbank forms panel to improve data collection; eases investment rules

Last Updated: Tue, Dec 24, 2013 13:50 hrs

MUMBAI, Dec 24 (Reuters) - The Reserve Bank of India has formed a committee under Executive Director Deepak Mohanty to review the current system of data collection and the feasibility of data production within the central bank to reduce the burden on reporting entities.

This committee will recommend steps to deliver quality information to data users and reinforce the information system for monetary policymaking, the RBI said on Tuesday.

The panel is expected to submit its first report in four months from the day of its first meeting, the RBI said.

In a separate release, the central bank relaxed overseas investment by allowing resident Indians to issue tax-free, non-convertible bonds in rupees to foreigners and use those funds for lending to infrastructure or keeping in fixed deposits of banks pending utilisation.

Earlier such rupee funds borrowed from foreigners were not allowed for any investment or for re-lending. (Reporting by Suvashree Dey Choudhury; Editing by Subhranshu Sahu)

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