{"id":535903,"date":"2023-05-31T15:05:26","date_gmt":"2023-05-31T15:05:26","guid":{"rendered":"https:\/\/ktsl888.com\/?p=535903"},"modified":"2024-06-11T10:42:57","modified_gmt":"2024-06-11T10:42:57","slug":"indian-banks-urged-to-embrace-ai-and-blockchain-for-future-readiness","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/indian-banks-urged-to-embrace-ai-and-blockchain-for-future-readiness\/","title":{"rendered":"Indian Banks Urged To Embrace AI And Blockchain For Future Readiness"},"content":{"rendered":"
The <\/span>Reserve Bank of India<\/span><\/a> (RBI) recently organized a conference exclusively for directors of Indian banks, shedding light on the importance of adopting technologies like Blockchain and AI.<\/span><\/p>\n During the event, RBI Deputy Governor Mahesh Kumar Jain took center stage, urging the bank directors to embrace technologies such as Artificial Intelligence (AI) and Blockchain.<\/span><\/p>\n Jain believes that Indian banks can unlock new avenues for growth and enhanced stability in the ever-evolving financial landscape by harnessing the power of innovative technologies.\u00a0<\/span><\/p>\n The conference aimed to encourage the integration of these technologies to propel sustainable progress and future-proof the banking industry in India.<\/span><\/p>\n During his speech, Deputy Governor Mahesh Kumar Jain evaluated the risks involved in sustainable growth. <\/span>He further discussed the importance of effective corporate governance, governance structure, and how to prepare for potential risk.\u00a0<\/span><\/p>\n According to Jain, banks face a series of challenges arising from technological disruption, customer expectations, and cyber threats in today’s ever-changing environment. <\/span>These factors introduce new risks across technology, business, and operations.\u00a0<\/span><\/p>\n As such, the deputy Governor <\/span>advised<\/span><\/a> banks to prioritize technology adoption to tackle these challenges effectively.<\/span><\/p>\n Jain further emphasized the importance of technological integration, highlighting it as a key strategy to ensure sustainable growth in the banking sector and mitigate risks.\u00a0<\/span><\/p>\n In his words, “To prepare for the future,” banks need “adopt innovative technologies such as Blockchain and AI,\u201d also investing in cybersecurity measures.<\/span><\/p>\n The Reserve Bank of India (RBI) <\/span>initiated pilot trials<\/span><\/a> for the digital rupee, targeting improved cross-border payments and mitigated arbitrage losses.\u00a0<\/span><\/p>\n RBI’s Central Bank Digital Currency (CBDC) experiments aim to enhance efficiency and foster secure transactions in retail and wholesale sectors.<\/span><\/p>\n The India Finance Minister, Nirmala Sitharaman, recently <\/span>said<\/span><\/a> India is not against blockchain technology, but crypto needs monitoring. <\/span>She further claims that blockchain gives too many options and can be utilized in many different ways.<\/span><\/p>\n SItharaman believes the central bank must drive crypto; otherwise, it can fall like those without proper government backing, causing huge spillover effects like FTX.<\/span><\/p>\nSBI Governor Addresses The Potential Risks<\/h2>\n
India Embraces Blockchain Innovation<\/h2>\n