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 •
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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.
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 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.
