RBI to extensively use AI, MI driven tools for data analysis
Mumbai, Dec 30, 2022
Artificial Intelligence (AI) and Machine Learning (ML) driven tools for data analysis and information creation will be integral part of Reserve Bank's Medium-term Strategy Framework ‘Utkarsh 2.0' for the period 2023-2025 launched on Friday by governor Shaktikanta Das.
The first strategy framework (Utkarsh 2022) covering the period 2019-2022 was launched in July 2019. It became a medium-term strategy document guiding the Bank's progress towards realisation of the identified milestones.
Against the backdrop of a challenging global and domestic environment, Utkarsh 2.0 commences from 2023, when India assumes the G-20 Presidency, the RBI said.
"With India's G-20 presidency during the period of Utkarsh 2.0, it confers a unique opportunity to showcase our accomplishments in the realm of digital payments and strive towards broad basing of acceptance of the Indian Rupee in bilateral and multilateral trade," the document said.
Utkarsh 2.0 harnesses the strengths of Utkarsh 2022 by retaining the six Vision statements as well as Core Purpose, Values, and Mission statement, the RBI said, and added that collectively, they create a strategic guiding path," it said.
The Vision in Utkarsh 2.0 that will guide the Reserve Bank of India over the period 2023-25 include, 'Excellence in performance of its functions'; Strengthened trust of citizens and Institutions in the RBI; and Enhanced relevance and significance in national and global roles.
"In this age of data, the Bank plays the dual role of data collection as well as information dissemination. With this comes the responsibility of reliability of data collected to create meaningful and accurate information.
"Therefore, adoption of AI and ML driven tools for data analysis and information creation will be an integral part of Utkarsh 2.0," the document said.
It further said the achievement of the milestones under the Utkarsh 2.0 will strengthen the regulatory landscape for the well-being of the financial sector and enhance the trust of citizens in the RBI.
"The strategy framework will also make the Bank a listening oriented, transparent organisation equipped with best-in-class and environment friendly digital and physical infrastructure," it added.
Utkarsh 2.0, the Strategy Framework being put in place for the period 2023-25, sets out the priorities, activities, and desired outcomes under each of the objectives of the Bank for the period between 2023 and 2025.
[The Times of India]