{"id":50997,"date":"2023-05-31T05:33:45","date_gmt":"2023-05-31T09:33:45","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=50997"},"modified":"2023-05-31T05:33:48","modified_gmt":"2023-05-31T09:33:48","slug":"rbi-advises-banks-to-adopt-ai-blockchain-technologies","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/rbi-advises-banks-to-adopt-ai-blockchain-technologies\/","title":{"rendered":"RBI Advises Banks to Adopt AI, Blockchain Technologies"},"content":{"rendered":"\n

Reserve Bank of India's (RBI) Deputy Governor has recommended that Indian bank directors \u201cadopt innovative technologies<\/a> such as artificial intelligence (AI) and blockchain.”<\/p>\n\n\n\n

\"RBI
RBI Advises Banks to Adopt AI, Blockchain Technologies<\/figcaption><\/figure>\n\n\n\n

During a conference held by the Reserve Bank of India (RBI) for the directors of Indian institutions, the Deputy Governor, Mahesh Kumar Jain, discussed risk strategies for sustainable growth and stability.<\/p>\n\n\n\n

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Governance in Banks: Driving Sustainable Growth and Stability – Speech delivered by Shri M K Jain, Deputy Governor, Reserve Bank of India at the Conference of Directors of Banks organised by the RBIhttps:\/\/t.co\/Ft4Kv68X0T\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/p>— ReserveBankOfIndia (@RBI) May 31, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

Jain emphasized the significance of effective corporate governance, governance structure, and processes for preparing for future risks. <\/p>\n\n\n\n

Technological disruptions, changing customer expectations, and cybersecurity threats<\/a>, among others, have introduced new technology, business, and operations risks for banks. His recommendation for addressing these challenges was to prioritize technology adoption.<\/p>\n\n\n\n

“To prepare for the future,” Jain suggested that Indian institutions “adopt innovative technologies such as AI and blockchain,” focusing on digital transformation, improving customer experience, and investing in cybersecurity measures.<\/p>\n\n\n\n

India's central bank launched its digital currency on November 1 and began testing its offline functionality in March. At the time, RBI executive director Ajay Kumar Choudhary <\/use><\/svg><\/span><\/a>announced India's plan to use its CBDC as a medium of exchange.<\/p>\n\n\n\n

Pakistan, India's neighbor, has also announced an ambitious plan to train one million IT graduates in AI by 2027.<\/p>\n\n\n\n

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Draft National AI Policy (https:\/\/t.co\/pZ516dmP8R<\/use><\/svg><\/span><\/a>)#MOITT<\/use><\/svg><\/span><\/a> believes in an inclusive approach for effective policy making. Please share your feedback through email (feedback.naip@moitt.gov.pk) so that the policy draft is updated in the best interests of citizens of Pakistan. pic.twitter.com\/afbkyNuG11<\/use><\/svg><\/span><\/a><\/p>— Ministry of IT & Telecom (@MoitOfficial) May 22, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

As previously reported, Pakistan's intended AI applications include, among others, weather forecasting, agriculture supply chain optimization, and health services transformation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Reserve Bank of India’s (RBI) Deputy Governor has recommended that Indian bank directors \u201cadopt innovative technologies such as artificial intelligence (AI) and blockchain.” During a conference held by the Reserve Bank of India (RBI) for the directors of Indian institutions, the Deputy Governor, Mahesh Kumar Jain, discussed risk strategies for sustainable growth and stability. Jain […]<\/p>\n","protected":false},"author":12,"featured_media":51017,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[3996,1323,320,2014],"class_list":["post-50997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ai","tag-blockchain-technology","tag-india","tag-rbi"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/05\/BI.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/50997","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=50997"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/50997\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/51017"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=50997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=50997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=50997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}