- Jain advised Indian banks to incorporate such as AI and blockchain.
- He also delved into risk strategies aimed at fostering sustainable growth and stability.
India’s central bank has put forward a recommendation for banks to embrace artificial intelligence and blockchain technology in order to achieve sustainable growth and ensure stability. Deputy Governor Mahesh Kumar Jain, at a conference organized by the Reserve Bank of India (RBI) for directors of Indian banks, led a discussion on risk strategies aimed at achieving sustainable growth and stability.
Governance in Banks: Driving Sustainable Growth and Stability – Speech delivered by Shri M K Jain, Deputy Governor, Reserve Bank of India at the Conference of Directors of Banks organised by the RBIhttps://t.co/Ft4Kv68X0T
— ReserveBankOfIndia (@RBI) May 31, 2023
Jain emphasized the significance of robust corporate governance and its role in proactively addressing future risks. Jain proposed that banks confront the array of risks stemming from technology, business, and operations by directing their efforts towards embracing and integrating innovative technologies.
After being launched on November 1, India’s central bank digital currency underwent testing to enable offline functionality starting in March. Ajay Kumar Choudhary, an executive director at the RBI, revealed that India had plans to utilize its CBDC as a medium of exchange.
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