A senior government official speaking on behalf of India’s Reserve Bank of India (RBI) advised all banks to use blockchain and artificial intelligence (AI) innovation to maintain steady expansion and stability.
Mahesh Kumar Jain, deputy governor, spoke about risk management techniques for sustainable growth and stability at a seminar that RBI organised for directors of Indian banks.
Apart from this, Jain also emphasised the significance of strong corporate governance, governance framework, and governance processes when it comes to being ready for potential dangers in the near future.
Cybersecurity hazards, changing user expectations and other technological changes have created new threats for banks in terms of technology, activities, and business. Mahesh suggestion for tackling the aforementioned set of issues was to concentrate on tech adoption.
Mahesh Kumar Jain advised Indian banks to “accept new technologies like AI and blockchain to prepare for the future,” in addition to concentrating on digital growth, improving the user experience, and spending money on security precautions.
In March, tests began for offline working of India’s central bank digital currency (CBDC), which was introduced on November 1, 2022.
At that time, India expressed its plan to make use of its CBDC as a medium of exchange with RBI executive director Ajay Kumar Choudhary.
Pakistan, India’s neighbor, has lately also unveiled a bold ambition to train 1 million IT graduates in AI by 2027.
The evolution of medical facilities, supply chain optimisation in agriculture, and forecasting of weather are just a few of Pakistan’s proposed application cases for AI.