SBI giving final shape to its monthly manufacturing index

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Country's largest lender State Bank of India today said it was in the process of launching its monthly Manufacturing Index.

"SBI, based on its loan portfolio and macro data, is now giving final shape to the construction of a conservative yet robust forward indicator (Manufacturing Index) for economic activity," SBI chairperson Arundhati Bhattacharya said at an event here.

She said that the bank had already detected the forward looking capacity from its portfolio and juxtaposed with the macro numbers.

This monthly Manufacturing Index will be a leading indicator which the bank hopes can be used as a policy input, Bhattacharya said.

"As per the initial results, the Index is showing a definite uptick in the next three months," she said, adding that the bank will soon release the details of this Index.

On the suggestions made by the Financial Sector Legislative Reforms Commission (FSLRC), Bhattacharya said these recommendations in creation of a financial regulatory architecture are revolutionary.

FSLRC has proposed to empower the Central government to change the meaning of terms such as 'financial product' and 'financial services'.

"This will help to the government rein in illegal investment schemes that seek to escape regulation by placing themselves in gaps and loop holes in the legal framework," she said.

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