RBI Set To Spend ₹91 Crore On AI 

The Reserve Bank of India (RBI) is planning to extensively use artificial intelligence (AI)  to improve regulatory supervision.

RBI is planning to extensively use AI, machine learning, and advanced analytics to improve regulatory supervision of their various entities.

What's Happening

The AI's supervisory scope would include various entities like banks, non-banking financial companies, payment banks, and more.

The Entities

The AI plan enhances RBI's data surveillance, detects financial distress early, improves regulation efficiency, and tackles FinTech risks.

The AI

This would mean freeing up HR for more strategic work, efficiently reducing fraud and risks, and identifying hidden anomalies in their systems.

What This Means

RBI shortlisted 7 firms to help develop and implement their AI: Accenture, Infosys, IBM, McKinsey, Nagarro, PwC, and Tata Consultancy.

Foreign Assistance

RBI chose to partner with McKinsey and Company India LLP and Accenture Solutions Pvt Ltd India with a contract worth ₹91 crore.

The Chosen

The AI plan is part of a broader effort by the government to promote the use of AI in the country in fields like healthcare, education, and agriculture.

The Bigger Picture

RBI plans to use open-source AI tools and models to increase transparency and accountability and is developing a high-tech cybersecurity framework for it as well.

Cautionary Measures

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