A central government official representing India’s central bank has recommended that 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 Indian bankers, Deputy Governor Mahesh Kumar Jain discussed risk factors around growth and stability.
Jain spoke about the importance of effective corporate governance and governance when it comes to preparing for future risks.
Technological disruption, changing customer expectations, and cybersecurity threats, among others, have created new types of risks for banks across technology, business and operations. His advice for overcoming these challenges is to focus on technology adoption.
“To prepare for the future,” Jain suggested that Indian banks “embrace new technologies like AI and blockchain” as they focus on digital transformation, improving customer experience and investing in cyber security measures. . India’s central bank digital currency was launched on November 1 and began testing for offline functionality in March. At the time, RBI Chief Executive Ajay Kumar Choudhary expressed India’s intention to use its CBDC as a means of change.
India’s neighbor Pakistan recently announced an ambitious plan to train 1 million computer science students in AI by 2027. As previously reported by Cointelegraph, Pakistan’s proposed use cases for AI include weather forecasting, agricultural supply chain optimization and healthcare service reform, to name a few.
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