A senior government official representing the Reserve Bank of India (RBI) has advocated for banks’ adoption of blockchain and artificial intelligence (AI) technologies to ensure sustainable growth and stability.
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
— ReserveBankOfIndia (@RBI) May 31, 2023
Mahesh Kumar Jain, the Deputy Governor of RBI, while addressing risk management techniques during a seminar organized by the RBI for directors of Indian banks, emphasized the significance of leveraging cutting-edge technologies to prepare for potential hazards and overcome emerging risks in the banking sector.
Jain underscored the importance of a robust governance structure and processes in preparing for potential hazards. He highlighted emerging risks such as cybersecurity threats, evolving customer expectations, and technological advancements that pose new challenges for banks in their technology, operations, and business aspects. Jain proposed prioritizing adopting technology to tackle these challenges effectively.
The Deputy Governor recommended that Indian banks embrace advanced technologies such as blockchain and AI to equip themselves for the future. He also emphasized the need to focus on digital transformation, enhance customer experience, and invest in robust cybersecurity measures.
China and neighbouring Pakistan have already taken significant steps towards advancing blockchain and AI technologies. China recently inaugurated the National Blockchain Technology Innovation Center in Beijing with the aim of educating over 500,000 experts in distributed ledger technology (DLT). The center will collaborate with regional universities, think tanks, and blockchain enterprises, guided by the Beijing Academy of Blockchain and Edge Computing. Similarly, Pakistan has announced its national AI Policy and plans to train up to a million graduates by 2027.
Indian authorities are also taking steps to integrate these innovative technologies into their systems. Earlier, DeFi Planet reported the Reserve Bank of India (RBI) has plans to expand its Central Bank Digital Currency (CBDC) pilot program. According to the RBI’s annual report for the fiscal year 2022–2023, the Indian Central Bank aims to enhance the CBDC by incorporating a wider range of use cases and functionalities. To achieve this, it intends to expand the existing trials for CBDC-Retail and CBDC-Wholesale, as well as the CBDC-Retail pilot, to include more cities and partner banks.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
