RBI shortlists 7 consultancy firms to use AI, ML to improve supervision

The Reserve Bank has shortlisted seven global consultancy firms, including Pricewaterhouse Coopers, McKinsey and Boston Consulting Group (India), to use artificial intelligence and machine learning for supervisory functions.

The RBI is looking to extensively use advanced analytics, artificial intelligence and machine learning to analyse its huge database and improve regulatory supervision over banks and NBFCs. For this purpose, the central bank plans to hire external experts.

In September this year, the RBI invited expressions of interest (EoI) for engaging consultants for use of advanced analytics, artificial intelligence and machine learning for generating supervisory inputs.