India is gearing up for the advent of the crypto-era as Reserve Bank of India Deputy Governor, Mahesh Kumar Jain readies Indian Banks for adoption of new-age tech like AI and Blockchain. An official representing India’s Central Bank has issued a statement mentioning the same and has recommended that banks adopt AI and Blockchain technology to ensure sustainable growth and efficacy in the Indian banking system.
Jain also addressed various pointers like the concern surrounding the regulation of digital assets and the risk factors that accompany AI at the RBI conference. Further, his speech included concerns regarding effective corporate governance, inclusive of future risks. He also touched upon a few topics of contention such as cybersecurity, customer satisfaction and technological disruptions which may create lead to a few speed-bumps along the way.
He stressed “tech adoption” as an effective way to resolve the problems and prepare for the future and made important mentions of adopting innovative technologies, focusing on digital transformation and enhancing overall consumer experience as a step in the right direction.
November 1st marked the day of India’s first central bank digital currency launch, which was tested for offline functionality in March to use CBDC as a medium for exchange.
In other news, India’s neighbor countries like Pakistan have also come to terms with the inducement of AI in their country. It has recently announced its intention of training 1 million IT graduates on AI by 2027. Its intended use includes using AI for weather prediction, supply chain optimization, and improving health services to name a few.