Indian banks asked ‘to prepare for the future’ with AI and blockchain

A top federal official representing India’s central bank has recommended all banks adopt artificial intelligence and blockchain technology to ensure sustainable growth and stability.

At a conference organized by the Reserve Bank of India (RBI) for the directors of Indian banks, Deputy Governor Mahesh Kumar Jain discussed risk strategies around 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

Jain spoke about the importance of effective corporate governance and governance structure and processes when it comes to staying prepared for future risks. Technological disruptions, evolving customer expectations and cybersecurity threats, among other things, have put forth new sets of risks for the banks across technology, business and operations. His advice for addressing these challenges was to focus on tech adoption.

“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.

India’s central bank digital currency was launched on Nov. 1 and started being tested for offline functionality in March. At the time, RBI executive director Ajay Kumar Choudhary shared India’s intention to use its CBDC as a medium of exchange.

Related: India expands national payment network to Singapore: What’s in it for crypto?

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

Draft National AI Policy (https://t.co/pZ516dmP8R)#MOITT 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

— Ministry of IT & Telecom (@MoitOfficial) May 22, 2023

As previously Cointelegraph reported, Pakistan’s intended use cases for AI include predicting the weather, agriculture supply chain optimization and health services transformation, to name a few.

Magazine: Bitcoin is on a collision course with ‘Net Zero’ promises