False

$show=search/label/May%202022

 


Reserve Bank of India’s 2022-23 report UPSC NOTE

 RBI 2022-23 report on the trends and progress

  • The 2022-23 report on the trends in, and progress of, banking in India, which was released on Wednesday by the RBI, studies the use of Artificial Intelligence in banks and how it has grown over time. 

  • To assess the level of awareness and readiness for adopting AI in Indian banks, an analytical study was conducted on banks’ annual reports by the RBI staff between 2015-16 and 2021-22.

  • This study employed a textual analysis method by matching keywords specific to the domain and utilising named entity recognition techniques

  • It leveraged widely recognised AI and Machine Learning (ML) dictionaries and glossaries from sources such as Google Vertex AI, Google Developers, IBM, NHS AI Lab, and the Council of Europe

  • Additionally, insights from Large Language Models such as ChatGPT and Bard were integrated into the analysis.

  • The analysis using a word cloud indicates a significant emphasis by banks on automation.

  • This trend likely stems from the goal of improving efficiency and enhancing capabilities in the detection of fraud and other forms of predictive analytics, the RBI study suggests. 

  • It is also notable that there is an awareness or potential for adopting emerging technologies such as Robotic Process Automation, the Internet of Things, and Natural Language Processing.

Adoption of AI in the banking sector

  • AI tools are extensively adopted and heavily utilised in areas such as fraud detection, optimising information technology operations, and digital marketing

  • The study argues that banks can improve efficiency and provide better customer experiences by leveraging these applications. 

  • The use of ML techniques for real-time analysis of customer transactions enhances the estimation of default risks

  • This bolsters their risk management strategies, the study suggests.

  • The study also ends with a cautionary note. 

  • AI in finance might heighten existing risks and introduce new ones, such as consumer protection concerns. 

  • The opaque functioning of AI models complicates compliance with laws, regulations, and internal controls in financial firms. 

  • These models could trigger market shocks and amplify systemic risks, particularly in terms of procyclicality, the study warns.


COMMENTS

Name

Amritsar,1,Art & Culture,1,August 2023,251,Courses,7,Daily Current Affairs,48,December 2023,189,Disaster Management,2,Environment and Ecology,54,February 2024,188,Foundation Course,1,GDP,1,GEMS Club,1,GEMS Plus,1,Geography,67,Govt Schemes,2,GST,1,History,2,Home,3,IAS Booklist,1,Important News,71,Indian Economy,46,Indian History,2,Indian Polity,56,International Organisation,12,International Relations,58,Invasive Plant,1,January 2024,240,July 2023,281,June 2022,6,June 2023,268,May 2022,17,Mentorship,2,November 2023,169,October 2023,203,Places in News,2,Science & Technology,66,September 2023,205,UPSC CSE,111,
ltr
item
Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Reserve Bank of India’s 2022-23 report UPSC NOTE
Reserve Bank of India’s 2022-23 report UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
https://www.learnerz.in/2024/01/reserve-bank-of-indias-2022-23-report.html
https://www.learnerz.in/
https://www.learnerz.in/
https://www.learnerz.in/2024/01/reserve-bank-of-indias-2022-23-report.html
true
4761292069385420868
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content