Indian banks asked to ‘prepare for the future’ with AI and blockchain

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

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

Governance in Banks: Driving Sustainable Growth and Stability – Speech delivered by Shri MK Jain, Deputy Governor, Reserve Bank of India at the conference of directors of banks hosted by the RBI

— ReserveBankOfIndia (@RBI) May 31, 2023

Jain spoke about the importance of effective corporate governance and governance structure and processes to stay prepared for future risks. Technological disruptions, evolving customer expectations and cybersecurity threats, among others, have created new sets of risks for banks across technology, business and operations. His recommendation for tackling the set of challenges mentioned was to focus on technology adoption.

“To prepare for the future,” Jain advised Indian banks to “adopt innovative technologies such as AI and blockchain” along with a focus on digital transformation, improving customer experience and investing in cybersecurity measures.

The Central Bank (CBDC) digital currency of India, which was launched on November 1, 2022, was tested for offline functionality in March. At the time, RBI Executive Director Ajay Kumar Choudhary shared India’s intention to realize its CBDC as a medium of exchange.

Related: India Expands National Payment Network to Singapore: What Does Crypto Earn?

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

Create National AI Policy (https://t.co/pZ516dmP8R)#MOITT believes in an inclusive approach to effective policy making. Please share your feedback via email ([email protected]) so that the policy design is updated in the 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 weather forecasting, agricultural supply chain optimization and health services transformation, to name a few.

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