Banking News: The dominance of Artificial Intelligence aka AI is increasing in the world. Now the Reserve Bank of India (RBI) is also preparing to use AI for its supervision functions. For this, the Central Bank has also selected some companies, whose McKinsey and Accenture Solutions are there.
This is the reason
The popularity of AI is increasing day by day. It has many disadvantages and advantages. The biggest advantage is that the scope of mistakes is reduced by the use of artificial intelligence. Compared to humans, it gives an accurate answer to the calculation in less time.
Perhaps that is why the RBI is looking to use AI, analytics and ML extensively to analyze its massive database and improve regulatory supervision over banks as well as non-banking financial companies (NBFCs), for which the central bank has roped in external experts. Planning to hire.
Preparation is going on since last year
According to media reports, last year RBI had invited Expression of Interest (EoI) for engaging consultants for use of Analytics, AI and ML in inspections. Based on the evaluation of EOI documents, seven applicants were shortlisted for Consultants. The list includes Deloitte Touche Tohmatsu India LLP,
Boston Consulting Group Pvt Ltd, Accenture Solutions Pvt Ltd, Unsert & Young LLP, McKinsey & Company, KPMG Assurance & Consulting Services LLP and Pricewaterhouse Coopers Pvt Ltd. Not only this, according to RBI documents, the central bank had also awarded contracts worth Rs 91 crore to McKinsey and Accenture Solutions.
