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Data Gaps in Selected Segments of Financial and Related Sectors in India
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This brief paper aims at providing an overview of the data gaps existing in the selected segments of the financial sector in India. In financial sector, the data gaps leading to asymmetric information create market inefficiencies. Hence, the open access data has positive externalities and it should be treated as a public good and should be freely accessible. The study emphasises that with technological advancement and big data analytics, the constraints on data warehousing are minimized. However, the data gaps still prevail, because of the ignorance about the usefulness of the data and also because of the reluctance of the data holders to share the data. A large portion of existing data gaps can be bridged merely with a planned, systematic and responsible data management by the public agencies and regulators. To remove the overlaps, fragmentation, inconsistency, and gaps in the data, the study recommends the creation of an all-India single point data bank consisting of a repository of master data and a Metadata directory of entire financial and economic data from all the sectors and layers of the economy.
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