At a fundamental level, increased transparency is a key element of the greater accountability that accompanies central bank independence. In other words, a high degree of transparency is essential for safeguarding the democratic legitimacy of independent central banks.
BIS central bankers’ speeches  9  automated the entire process of allocation of Unique Identification Number (UIN). The automation through a web based application has enabled efficient processing which has reduced the time taken for processing the applications and also improved the management information system.