The Reserve Bank of India (RBI) plans to use artificial intelligence (AI) and machine learning to gain more insight into how supervised entities operate. The central bank aims to improve the efficiency of its supervision frameworks by using advanced analytics and data-driven approaches. RBI Deputy Governor MK Jain said that the bank has implemented several analytical tools to identify early warning signs, conduct stress testing, vulnerability assessments, and phishing and cyber reconnaissance drills. Jain further emphasised the importance of corporate governance for banks, as failures in this area could lead to crises. He also urged banks to invest in IT infrastructure to reduce cyber risks. Jain stressed the significance of instating assurance functions such as risk management and internal audit to evaluate the bank’s operations, risk management, and regulatory compliance more objectively.
RBI to Employ AI and Machine Learning for Deeper Insights into Banks Operations – AI Next
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