RBI Asks Indian Banks To Prepare For the Future With AI and Blockchain The Deputy Governor further adds that the future of banking will be shaped by the advancement in technology, leading to greater automation in business and processes, understanding the changing customer expectations, and being at par with the evolving regulatory scenarios.

By Paromita Gupta

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Freepik

M K Jain, Deputy Governor, Reserve Bank of India, addressed the public and private sector banks as a part of the Conference of Directors of Banks organized by RBI in Mumbai and New Delhi in May-end. As a part of his address, he discussed the risk, strength, and resilience strategies and also spoke about the challenges, the roles, and the future of the Indian banking sector.

Jain further adds that the future of banking will be shaped by the advancement in technology, leading to greater automation in business and processes, understanding the changing customer expectations, and being at par with the evolving regulatory scenarios.

"To prepare for the future, Indian banks will need to focus on digital transformation, enhance customer experience, adopt innovative technologies such as AI and blockchain, invest in cybersecurity measures, look for opportunities to derive synergistic benefits through collaboration with other players as well as upskilling their workforce to meet the demands of the digital era. Additionally, they will need to prioritize risk management, regulatory compliance, and sustainability to ensure long-term resilience and competitiveness in the evolving banking landscape," said Jain on the future ahead for the industry.

The RBI launched the Central Bank Digital Currency on a pilot basis for wholesale segment and retail segment in November and December 2022, respectively and is utilizing the blockchain technology for carrying out the transactions.

Paromita Gupta

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 

Related Topics

Money & Finance

How to Make Money Online: 10 Proven Ways to Make Money Online

Need to know how to make money online as a side gig or new career? Check out this breakdown of the 10 top online money-making methods.

Management

5 Essential Tips on How to Be a Great Manager

Here are five key tips that will help you become an effective and successful manager.

Entrepreneurs

This Unique Social Startup Helps in Offsetting Carbon Footprint

Verdoo, a free online tool, helps consumers fight climate change through online shopping

Business News

'I'll Gladly Cancel': Customers Livid as Netflix Is Reportedly Increasing Subscription Prices—Again

The Wall Street Journal reported that price hikes are set to roll out following the actors' strike.

Business News

These 11 Retailers Are Most Likely to File For Bankruptcy in 2023, According to a New Report

Several well-known retailers already filed for bankruptcy in 2023 — now, a new report is highlighting the retailers most likely to follow suit.

Social Media

8 Tips to Attract Your First 250K Instagram Followers

These Instagram strategies have been well-tested in helping others build large followings on the social media platform.