A senior federal official representing the central bank of India has recommended to all banks adopting artificial intelligence and blockchain technology to ensure sustainable growth and stability.
At a conference organized by the Reserve Bank of India (RBI) for Indian bank managers, Lieutenant 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 organized by the RBIhttps://t.co/Ft4Kv68X0T
— ReserveBankOfIndia (@RBI) May 31, 2023
Governance in banks: Driving sustainable growth and stability. Speech delivered by Shri MK Jain, Deputy Governor of the Reserve Bank of India at the Bank Directors Conference organized by the RBI on the link.
Jain spoke of the importance of effective corporate governance and governance structure and processes in being prepared for future risks. Technological innovations, evolving customer expectations, and cybersecurity threats, among other things, have posed new sets of risks for banks across technology, business, and operations. His advice to meet these challenges is to focus on the adoption of cutting-edge technologies.
“To prepare for the future”, Jain recommended that Indian banks “adopt innovative technologies like AI and blockchain”in addition to focus on digital transformation, improve customer experience and invest in cybersecurity measures.
The central bank digital currency of India launched on November 1 and began testing its offline functionality in March. At the time, RBI CEO Ajay Kumar Choudhary shared India’s intention to use its CBDC as a medium of exchange.
India’s neighbor Pakistan also recently announced an ambitious plan to train 1 million IT graduates in 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 through email (email@example.com) so that the policy draft is updated in the best interests of citizens of Pakistan. pic.twitter.com/afbkyNuG11
— Ministry of IT & Telecom (@MoitOfficial) May 22, 2023
Draft National AI Policy #MOITT believes in an inclusive approach to effective policy making. Please share your feedback via email (firstname.lastname@example.org) so that the draft policy will be updated in the best interest of the citizens of Pakistan.
As Cointelegraph previously reported, Pakistan’s envisioned use cases for AI include weather prediction, agricultural supply chain optimization, and healthcare transformationto name a few.
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