The Reserve Bank of India (RBI) is set to use advanced analytics, artificial intelligence (AI), and machine learning in supervisory data to gain a deeper understanding of supervised entities. The RBI aims to strengthen its supervision with the use of technology and data-driven approaches, as per Deputy Governor MK Jain. RBI has employed several analytical tools to enhance supervisory frameworks, including an early warning system, stress testing models, vulnerability assessments, targeted evaluations of compliance with KYC/AML norms, and cyber-data analytics. These initiatives reflect the Reserve Bank’s commitment towards harnessing the power of technology, Jain added. The RBI will take necessary safeguards in adopting these technologies while gaining deeper insights into banks’ operations. This move will help RBI in optimizing and enhancing its supervision, and increase its effectiveness in supervisory frameworks.
RBI Uses AI and Machine Learning to Gain Deeper Insights into Banks’ Operations, says Deputy Governor
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