PremiumTo use artificial intelligence and machine learning for supervisory functions, the Reserve Bank of India shortlisted seven global consultancy firms, including Pricewaterhouse Coopers, McKinsey and Boston Consulting Group (India).
The central bank 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. RBI is mulling to hire external experts for this purpose.
The RBI invited expressions of interest (EoI) for engaging consultants for use of advanced analytics, artificial intelligence and machine learning for generating supervisory inputs in September.
According to an RBI document, the central bank has shortlisted seven applicants for participating in the request for proposal process (RFP) for the selection of consultant(s).
The seven firms are Accenture Solutions Private Limited; Boston Consulting Group (India) Pvt Ltd; Deloitte Touche Tohmatsu India LLP; Ernst and Young LLP; KPMG Assurance and Consulting Services LLP; McKinsey and Company; and Pricewaterhouse Coopers Pvt Ltd.
Though 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 of Supervision has been developing and using linear and a few machine-learnt models for supervisory examinations.
The interest now is to explore the data to identify its attributes that can be leveraged to generate new and improved supervisory inputs, said the EoI issued in September.
With PTI inputs.