Mahesh Kumar Jain, Deputy Governor of the Reserve Bank of India, told Indian bank managers that they need to adopt innovative technologies such as artificial intelligence (AI) and blockchain.
At a conference organized by the Reserve Bank of India (RBI) for the managers of Indian banks, vice president Mahesh Kumar Jain discussed risk strategies related to sustainable growth and stability. Jain talked about the importance of effective corporate governance, governance structure and processes when it comes to being prepared for future risks.
Pakistan Adopts Artificial Intelligence Technology, Too
To prepare for the future, Jain recommended that Indian banks adopt innovative technologies such as artificial intelligence and blockchain, focus on digital transformation, improve customer experience and invest in cybersecurity measures.
The Reserve Bank of India’s digital currency was launched on November 1 and began testing for offline functionality in March. At the time, RBI executive director Ajay Kumar Choudhary shared his intention to use India’s CBDC as a medium of exchange.
India’s neighbor Pakistan also recently announced an ambitious plan to train 1 million IT graduates in AI by 2027.
As previously reported by the country, Pakistan’s intended use cases for AI include weather forecasting, agricultural supply chain optimization and healthcare transformation.
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