RBI to use AI for better regulatory supervision, selects McKinsey and Company, Accenture Solutions
₹91 crore - has been awarded to McKinsey and Company India LLP and Accenture Solutions Private Limited India. While the RBI is already using AI and ML in supervisory processes, it now intends to upscale it to ensure that the benefits of advanced analytics.
The EoI issued in September said that the Department of Supervision has already been developing and using linear and a few machine-learnt models for supervisory examinations. It will now explore the data to identify its attributes that can be leveraged to generate new and improved supervisory inputs.
As the AI wave gains momentum, many regulatory and supervisory authorities have begun using machine learning techniques in order to elevate their work. AI and ML technologies can be used for real-time data reporting, effective data management and dissemination.
The supervisory jurisdiction of the RBI incidentally extends over banks, urban cooperative banks, NBFCs, payment banks, small finance banks, local area banks, credit information companies and select all Indian financial institutions. (With inputs from agencies)
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