Under 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 on Thursday.

The working group, headed by Chief general manager N K Puri has recommended collection of data according to the country of ultimate risk as well.

The group has also suggested speedy automation and intra bank 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 wide area networks.

A standing monitoring group is to be set up whichwill oversee the implementation of the recommendations and to modify it if the need arose.The recommendations would be implemented from December 1999 in a phased manner, the 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.