• Terms and Conditions
  • Privacy Policy
  • DMCA
  • Disclaimer
  • Cookie Privacy Policy
  • Contact Us
Sixsense News
Advertisement
  • Home
  • Business
  • Economy
  • Fintech
  • Finance
  • Insurance
  • Market
  • Startups
No Result
View All Result
  • Home
  • Business
  • Economy
  • Fintech
  • Finance
  • Insurance
  • Market
  • Startups
No Result
View All Result
Sixsense News
No Result
View All Result
Home Business

RBI plans to extensively use AI, ML to improve regulatory supervision

zee business by zee business
October 5, 2022
in Business
0

Related articles

ECB’s Holzmann proposes tenfold surge in banks’ interest-free minimum reserves By Investing.com

September 27, 2023

Elon Musk warns UAW pay demands will bankrupt Big Three

September 27, 2023


The Reserve Bank is planning to extensively use advanced analytics, artificial intelligence and machine learning to analyse its huge database and improve regulatory supervision on banks and NBFCs.

For this purpose, the central bank is also looking to hire external experts.

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 can accrue to the Department of Supervision in the central bank.

The department has been developing and using linear and a few machine-learnt models for supervisory examinations.

The supervisory jurisdiction of the RBI extends over banks, urban cooperative banks (UCB), NBFCs, payment banks, small finance banks, local area banks, credit information companies and select all India financial institutions.

It undertakes continuous supervision of such entities with the help of on-site inspections and off-site monitoring.

The central bank has floated an expression of interest (EoI) for engaging consultants in the use of Advanced Analytics, Artificial Intelligence and Machine Learning for generating supervisory inputs.

“Taking note of the global supervisory applications of AI & ML applications, this Project has been conceived for use of Advance Analytics and AI/ML to expand analysis of huge data repository with

RBI and externally, through the engagement of external experts, which is expected to greatly enhance the effectiveness and sharpness of supervision,” it said.

Among other things, the selected consultant will be required to explore and profile data with a supervisory focus.

The objective is to enhance the data-driven surveillance capabilities of the Reserve Bank, the EoI said.

Across the world, regulatory and supervisory authorities are using machine learning techniques (commonly referred to as ‘Supertech’ and ‘regtech’) for assisting supervisory and regulatory activities, it added.

Most of these techniques are still exploratory, however, they are rapidly gaining popularity and scale.

On the data collection side, AI and ML technologies are used for real-time data reporting, effective data management and dissemination.

For data analytics, these are being used for monitoring supervised firm-specific risks, including liquidity risks, market risks, credit exposures and concentration risks; misconduct analysis; and mis-selling of products.





Source link

Tags: extensivelyimproveplansRBIregulatorysupervision

Related Posts

ECB’s Holzmann proposes tenfold surge in banks’ interest-free minimum reserves By Investing.com

by Investing.com
September 27, 2023
0

In a recent development, Robert Holzmann, a hawkish member of the European Central Bank (ECB) Governing Council, proposed a significant...

Elon Musk warns UAW pay demands will bankrupt Big Three

by Christiaan Hetzner
September 27, 2023
0

Tesla CEO Elon Musk warned Detroit’s Big Three that giving into the United Auto Workers demands could put them in...

U.S. Latino economic output grows to $3.2 trillion, new study says

by Freddie Green
September 27, 2023
0

The U.S. Latino economy continues to grow, reaching $3.2 trillion in 2021, up from $2.8 trillion the year prior, according...

What caused the Hollywood writers’ strike and is it over? By Reuters

by Reuters
September 27, 2023
0

© Reuters. FILE PHOTO: SAG-AFTRA actors and Writers Guild of America (WGA) writers walk the picket line outside Disney Studios...

Firmer Bonds And Stocks, But The Dollar Presses Ahead

by Freddie Green
September 27, 2023
0

metamorworks Overview The S&P 500 (SP500, SPX) hit three-month lows yesterday, while the Conference Board's measure of consumer confidence fell...

Load More

ECB’s Holzmann proposes tenfold surge in banks’ interest-free minimum reserves By Investing.com

September 27, 2023

Climate change risks hampering ECB’s monetary policy and euro zone’s economic health By Investing.com

September 27, 2023

Elon Musk warns UAW pay demands will bankrupt Big Three

September 27, 2023

Coinbase Registers as Crypto Exchange With Bank of Spain as it Continues International Expansion

September 27, 2023

Gringo’s super app for Brazilian drivers adds insurance, financing with $30M Series C

September 27, 2023

Who Won the Caplan/Brook Debate?

September 27, 2023
Sixsense News

© 2022 Sixsense News All Rights Reserved.

Navigate Site

  • Terms and Conditions
  • Privacy Policy
  • DMCA
  • Disclaimer
  • Cookie Privacy Policy
  • Contact Us

Follow Us

No Result
View All Result
  • #3158 (no title)
  • Business
  • Economy
  • Finance
  • Fintech
  • Insurance
  • Market
  • Startups

© 2022 Sixsense News All Rights Reserved.