Indian banks told to ‘future-ready’ with AI and blockchain

A top federal official representing India’s central bank, the Reserve Bank of India (RBI), recommended all banks to adopt artificial intelligence (AI) and blockchain technology to ensure sustainable growth and stability.

At a conference organized by the RBI for directors of Indian banks, Deputy Governor Mahesh Kumar Jain discussed risk strategies around sustainable growth and sustainability.

Governance in Banks: Promoting Sustainable Growth and Stability – Speech by Shri MK Jain, Deputy Governor, Reserve Bank of India at the Conference of Directors of Banks organized by Reserve Bank of Indiahttps://t.co/Ft4Kv68X0T

– Reserve Bank of India (@RBI) May 31, 2023

Jain talked about the importance of effective corporate governance and governance structures and processes when it comes to being prepared for future risks. Technological disruptions, rising customer expectations and cyber security threats have thrown up new sets of risks for banks in technology, business and operations, among others. His recommendation to address the said set of challenges Was To focus on tech adoption.

“To prepare for the future,” Jain recommended Indian banks to focus on digital transformation, enhance customer experience and invest in cyber security measures, as well as “adopt innovative technologies such as AI and blockchain.”

India’s central bank digital currency (CBDC), which is slated to launch on November 1, 2022, began to be tested for offline functionality in March. At that time, RBI Executive Director Ajay Kumar Choudhary shared India’s intention to materialize its CBDC as a medium of exchange.

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India’s neighboring country Pakistan also recently announced an ambitious plan to train 1 million IT graduates on AI by 2027.

Draft National AI Policy (https://t.co/pZ516dmP8R,#moitt Believes in an inclusive approach for effective policy making. Please share your feedback via email (feedback.naip@moitt.gov.pk) so that the draft policy can be updated in the best interest of the citizens of Pakistan. pic.twitter.com/afbkyNuG11

– Ministry of IT & Telecom (@MoitOfficial) May 22, 2023

As previously reported by Cointelegraph, Pakistan’s intended use cases for AI include predicting weather, agricultural supply chain optimization and healthcare transformation, to name a few.

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