Indian Banks Embrace AI and Blockchain to Shape the Future

Indian Banks Embrace AI and Blockchain to Shape the Future

A top federal official’s recommendation for Indian banks

A top federal official representing India’s central bank has recommended all banks adopt artificial intelligence and blockchain technology to ensure sustainable growth and stability.

Conference on risk strategies and sustainable growth

At a conference organized by the Reserve Bank of India (RBI) for the directors of Indian banks, Deputy Governor Mahesh Kumar Jain discussed risk strategies around sustainable growth and stability.

The importance of effective corporate governance

Jain spoke about the importance of effective corporate governance and governance structure and processes when it comes to staying prepared for future risks. Technological disruptions, evolving customer expectations, and cybersecurity threats, among other things, have put forth new sets of risks for the banks across technology, business, and operations. His advice for addressing these challenges was to focus on tech adoption.

Recommendations for Indian banks

“To prepare for the future,” Jain recommended that Indian banks “adopt innovative technologies such as AI and blockchain,” along with focusing on digital transformation, enhancing customer experience, and investing in cybersecurity measures.

India’s central bank digital currency

India’s central bank digital currency was launched on Nov. 1 and started being tested for offline functionality in March. At the time, RBI executive director Ajay Kumar Choudhary shared India’s intention to use its CBDC as a medium of exchange.

Pakistan’s ambitious plan for AI training

India’s neighbor, Pakistan, also recently announced an ambitious plan to train 1 million IT graduates on AI by 2027. As previously Cointelegraph reported, Pakistan’s intended use cases for AI include predicting the weather, agriculture supply chain optimization, and health services transformation, to name a few.