The Reserve Bank of India (RBI) has shortlisted 7 companies that will use machine learning and artificial intelligence, or AI, in supervision, to enhance supervisory operations. These companies have made it to the list because of their advanced analytics and technological capabilities.
In September this year, the RBI issued a solicitation for expressions of interest (EoI) for hiring consultants to employ advanced analytics, artificial intelligence, and machine learning to produce supervisory inputs. Based on the evaluation of EoI documents, BCG India, Deloitte Touche Tohmatsu, Ernst & Young, KPMG, McKinsey and Co., Accenture, and Pricewaterhouse Coopers were the finalists.
RBI plans to upscale its existing AI capabilities in supervisory processes accrue to the Department of Supervision. The department has been dedicated to developing machine learning models and exploring data for newer attributes.
Banks, urban cooperative banks, non-bank financial businesses (NBFCs), payment banks, local area banks, credit information firms, and other Indian financial organizations come under RBI’s supervisory jurisdiction.
Most of the exploration will help assess institutions’ financial soundness, asset quality, solvency, liquidity, and operational viability.