Indian Banks ‘Prepare For Future’ With AI
To maintain sustainable growth and stability, a top government official speaking on behalf of India’s central bank has advised all banks to adopt blockchain and artificial intelligence technology.
Deputy Governor Mahesh Kumar Jain spoke about risk management techniques related to sustainable growth and stability at a conference that the Reserve Bank of India (RBI) organised for the directors of Indian banks.
When it comes to being prepared for potential hazards, Jain stressed the significance of strong corporate governance, governance structure, and governance processes. Among other things, technological changes, changing client expectations, and cybersecurity concerns have created new sets of risks for banks in terms of technology, business, and operations. He suggested concentrating on tech adoption as a solution to these problems.
“To prepare for the future,” Jain recommended that Indian banks “adopt innovative technologies such as AI and blockchain,” along with focusing on digital transformation, enhancing customer experience, and investing in cybersecurity measures.
(With inputs from Shikha Singh)
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