MUMBAI – The Reserve Bank of India has invited applications from companies providing media monitoring and analysis services, according to a tender on the central bank’s website.
Companies keen on providing this service, at an estimated cost of 2.5 mln rupees per annum, have to submit their bids by Mar 21.
The companies must have a minimum net worth of 10 mln rupees and a five- year track record of providing such data and analysis, the RBI said. Even global players can pitch for the tender, but in rupee terms.
The service providers would have to scour newspapers, magazines, online and social media for news of interest to the RBI, and provide a web-based service which will enable RBI employees to access, search and analyse the information generated. Full news text along with “an intelligent news summary of important news” has been sought by the RBI.
RBI has sought access to not just current information but also news stories that date back up to 10 years.
The service provider is expected to also provide qualitative and quantitative analysis of media coverage. Coverage of RBI announcements and releases across media outlets in the country, along with the placement of coverage, space given to the news and editorials written on them will also have to be analysed by the selected service vendor.
The tender comes at a time when the RBI has been internally critical of news reports that are allegedly sourced from unnamed central bank officials.
In some cases, the RBI has even breached its general stance of not providing comments to speculative reports, and issued a clarification when it felt that a clarification is in the wider public interest.