Deputy Governor Mahesh Kumar Jain urges banks to adopt AI and blockchain for sustainable growth and stability.

Deputy Governor Mahesh Kumar Jain, representing the Reserve Bank of India (RBI), has advised Indian banks to adopt artificial intelligence (AI) and blockchain technology to ensure sustainable growth and stability.

Speaking at an RBI conference for bank directors, Jain emphasized the importance of effective corporate governance and the need to address emerging risks such as technological disruptions, evolving customer expectations, and cybersecurity threats. He encouraged banks to focus on technological adoption, including innovative technologies like AI and blockchain, to prepare for the future.

Jain also emphasized the need of investing in strong cybersecurity measures, improve customer experience, and undergoing digital transformation. The recommendation comes as banks face new challenges and opportunities in the digital era. Embracing AI and blockchain can enable banks to enhance operational efficiency, mitigate risks, and deliver improved services to customers.

Jain’s advice aims to position Indian banks for sustainable growth and competitiveness in the evolving financial landscape.

Speech delivered by Shri M K Jain, Deputy Governor, Reserve Bank of India at the Conference of Directors of Banks organized by the RBI for Public Sector Banks on May 22, 2023 in New Delhi and Private Sector Banks on May 29, 2023 in Mumbai: