- As the digital rupee pilot continues to progress in India, the Reserve Bank of India is now informing banks throughout the country that they should prepare to adopt innovative technologies such as AI and blockchain.
“Banks are needed to mobilize savings, promote financial inclusion, and facilitate job creation by supporting MSMEs, among others,” Jain said. “We would like to highlight the importance of strong governance and leadership which are crucial for long-term health of the sector.” Jain noted that banks now face a more challenging landscape which includes technological disruptions, cybersecurity threats, evolving customer expectations, global headwinds, and the need to attract and retain talent.
“It is important for banks to carefully assess their own unique circumstances and capabilities, conduct thorough analysis, and tailor their strategies accordingly,” he said. “While it can be valuable to learn from the experiences of other banks, adopting their strategies without considering the specific context and requirements of the organization may lead to unfavorable outcomes.
The RBI is currently in the process of harnessing advanced analytics, artificial intelligence and machine learning to gain better insights into the operations of supervised entities.