As per this arrangement, Indian banks will have to report all the details of their external assets and liabilities in all currencies with details such as sector, type of liability or asset, currency, country and residual maturity. The data would also include the foreign currency position of residents, an RBI statement said here today.

The working group, headed by chief general manager NK Puri has recommended collection of data according to the country of ultimate risk as well. The group has also suggested speedy automation and intrabank connectivity for data flow from branches to head offices of banks and from the head offices of banks to the RBI in a consolidated manner through computer media, and Vsat-based (very small aperture terminals) wide area networks.

Astanding monitoring group is to be set up which will oversee the implementation of the recommendations and to modify it if the need arose. The recommendations would be implemented from December this year in a phased manner, the RBI statement said.

The group has also urged the RBI to undertake rationalisation and simplification of the existing format of statistical returns keeping in view the emerging developments in the technological fronts, it said. Rationalisation of returns would minimise the reporting burden on the banking system arising from the multiplicity of returns.

The RBI is also to set up a central database management system with access to all the data user departments. The working group was set up in the wake of the East Asia crisis in 1997.