Indian banks asked to prepare for future with artificial intelligence and blockchain

by · May 30, 2023

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

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

Jain spoke about the importance of effective corporate governance and governance structure and processes in being prepared for future risks. Technological disruptions, new customer expectations and cyber security threats have, among other things, presented new sets of risks for the banks across technology, business and operations. His recommendation to deal with the aforementioned challenges was to focus on technology adoption.

“To prepare for the future,” Jain recommended Indian banks to “adopt innovative technologies like AI and blockchain,” along with focusing on digital transformation, improving customer experience and investing in cyber security measures.

Launched on November 1, 2022, India’s central bank digital currency (CBDC) began testing for offline functionality in March. At the time, RBI Managing Director Ajay Kumar Choudhary shared India’s intention to materialize CBDC as a medium of exchange.

Related: India Expands National Payments Network to Singapore: What’s Crypto?

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

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

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