{"id":535903,"date":"2023-05-31T15:05:26","date_gmt":"2023-05-31T15:05:26","guid":{"rendered":"https:\/\/uniquehot.com\/?p=535903"},"modified":"2024-06-11T10:42:57","modified_gmt":"2024-06-11T10:42:57","slug":"indian-banks-urged-to-embrace-ai-and-blockchain-for-future-readiness","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/indian-banks-urged-to-embrace-ai-and-blockchain-for-future-readiness\/","title":{"rendered":"Indian Banks Urged To Embrace AI And Blockchain For Future Readiness"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The <\/span><a href=\"https:\/\/twitter.com\/RBI\/status\/12977665?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E12977665%7Ctwgr%5E8ab79dd0c34290f020ab1d77db4606c74f51915b%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Findian-banks-asked-to-prepare-for-the-future-with-ai-and-blockchain\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Reserve Bank of India<\/span><\/a><span style=\"font-weight: 400\"> (RBI) recently organized a conference exclusively for directors of Indian banks, shedding light on the importance of adopting technologies like Blockchain and AI.<\/span><\/p>\n<p><span style=\"font-weight: 400\">During the event, RBI Deputy Governor Mahesh Kumar Jain took center stage, urging the bank directors to embrace technologies such as Artificial Intelligence (AI) and Blockchain.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/pepecoin-drops-to-critical-level\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Pepecoin Eyes Rebound As It Finds Support In Strong Algorithm Data Score<\/a><\/div>\n<p><span style=\"font-weight: 400\">Jain believes that Indian banks can unlock new avenues for growth and enhanced stability in the ever-evolving financial landscape by harnessing the power of innovative technologies.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The conference aimed to encourage the integration of these technologies to propel sustainable progress and future-proof the banking industry in India.<\/span><\/p>\n<h2>SBI Governor Addresses The Potential Risks<\/h2>\n<p><span style=\"font-weight: 400\">During his speech, Deputy Governor Mahesh Kumar Jain evaluated the risks involved in sustainable growth. <\/span><span style=\"font-weight: 400\">He further discussed the importance of effective corporate governance, governance structure, and how to prepare for potential risk.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to Jain, banks face a series of challenges arising from technological disruption, customer expectations, and cyber threats in today&#8217;s ever-changing environment. <\/span><span style=\"font-weight: 400\">These factors introduce new risks across technology, business, and operations.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As such, the deputy Governor <\/span><a href=\"https:\/\/www.rbi.org.in\/Scripts\/BS_SpeechesView.aspx?Id=1365\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">advised<\/span><\/a><span style=\"font-weight: 400\"> banks to prioritize technology adoption to tackle these challenges effectively.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jain further emphasized the importance of technological integration, highlighting it as a key strategy to ensure sustainable growth in the banking sector and mitigate risks.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In his words, &#8220;To prepare for the future,&#8221; banks need &#8220;adopt innovative technologies such as Blockchain and AI,\u201d also investing in cybersecurity measures.<\/span><\/p>\n<h2>India Embraces Blockchain Innovation<\/h2>\n<p><span style=\"font-weight: 400\">The Reserve Bank of India (RBI) <\/span><a href=\"https:\/\/pib.gov.in\/PressReleaseIframePage.aspx?PRID=1882883\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">initiated pilot trials<\/span><\/a><span style=\"font-weight: 400\"> for the digital rupee, targeting improved cross-border payments and mitigated arbitrage losses.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">RBI&#8217;s Central Bank Digital Currency (CBDC) experiments aim to enhance efficiency and foster secure transactions in retail and wholesale sectors.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The India Finance Minister, Nirmala Sitharaman, recently <\/span><a href=\"https:\/\/twitter.com\/getkoinx\/status\/87573761\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">said<\/span><\/a><span style=\"font-weight: 400\"> India is not against blockchain technology, but crypto needs monitoring. <\/span><span style=\"font-weight: 400\">She further claims that blockchain gives too many options and can be utilized in many different ways.<\/span><\/p>\n<p><span style=\"font-weight: 400\">SItharaman believes the central bank must drive crypto; otherwise, it can fall like those without proper government backing, causing huge spillover effects like FTX.<\/span><\/p>\n<p><span style=\"font-weight: 400\">She <\/span><a href=\"https:\/\/twitter.com\/nsitharamanoffc\/status\/46159616\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">highlights<\/span><\/a><span style=\"font-weight: 400\"> the limitations of individual countries&#8217; actions in regulating crypto assets, stating that the interconnectedness of the global order renders such measures ineffective.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/floki-inu-does-meme-coin-have-what-it-takes-to-re-enter-top-100-spot\/\" target=\"_blank\" rel=\"noopener \">Floki Inu: Does Meme Coin Have What It Takes To Re-Enter Top 100 Spot?<\/a><\/div>\n<p><span style=\"font-weight: 400\">As technology transcends boundaries, she emphasizes the need for coordinated efforts in addressing the challenges posed by cryptocurrencies, surpassing geographical borders. <\/span><span style=\"font-weight: 400\">India takes a stringent stance on crypto trading, disallowing traders from offsetting losses against gains.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Notably, Sitharaman imposed a 30% flat tax on crypto income last year and a 1% tax deducted at source (TDS) on crypto trades above 10,000 Indian rupees ($122).<\/span><\/p>\n<p><span style=\"font-weight: 400\">Also, there are severe <\/span><a href=\"https:\/\/twitter.com\/getkoinx\/status\/53236738\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">penalties<\/span><\/a><span style=\"font-weight: 400\">, including penalties equal to TDS for non-deduction and 15% annual interest charges for late payments. <\/span><span style=\"font-weight: 400\">Moreover, imprisonment for up to six months is possible, demonstrating a strong regulatory approach.<\/span><\/p>\n<p>Featured image from Pixabay and chart from TradingView.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank of India (RBI) recently organized a conference exclusively for directors of Indian banks, shedding light on the importance of adopting technologies like Blockchain and AI. During the event, RBI Deputy Governor Mahesh Kumar Jain took center stage, urging the bank directors to embrace technologies such as Artificial Intelligence (AI) and Blockchain. Related Reading: Pepecoin Eyes Rebound As It Finds Support In Strong Algorithm Data Score Jain believes that Indian banks can unlock new avenues for growth and enhanced stability in the ever-evolving financial landscape by harnessing the power of innovative technologies.\u00a0 The conference aimed to encourage the integration of these technologies to propel sustainable progress and future-proof the banking industry in India. SBI Governor Addresses The Potential Risks During his speech, Deputy Governor Mahesh Kumar Jain evaluated the risks involved in sustainable growth. He further discussed the importance of effective corporate governance, governance structure, and how to prepare for potential risk.\u00a0 According to Jain, banks face a series of challenges arising from technological disruption, customer expectations, and cyber threats in today&#8217;s ever-changing environment. These factors introduce new risks across technology, business, and operations.\u00a0 As such, the deputy Governor advised banks to prioritize technology adoption to tackle these challenges effectively. Jain further emphasized the importance of technological integration, highlighting it as a key strategy to ensure sustainable growth in the banking sector and mitigate risks.\u00a0 In his words, &#8220;To prepare for the future,&#8221; banks need &#8220;adopt innovative technologies such as Blockchain and AI,\u201d also investing in cybersecurity measures. India Embraces Blockchain Innovation The Reserve Bank of India (RBI) initiated pilot trials for the digital rupee, targeting improved cross-border payments and mitigated arbitrage losses.\u00a0 RBI&#8217;s Central Bank Digital Currency (CBDC) experiments aim to enhance efficiency and foster secure transactions in retail and wholesale sectors. The India Finance Minister, Nirmala Sitharaman, recently said India is not against blockchain technology, but crypto needs monitoring. She further claims that blockchain gives too many options and can be utilized in many different ways. SItharaman believes the central bank must drive crypto; otherwise, it can fall like those without proper government backing, causing huge spillover effects like FTX. She highlights the limitations of individual countries&#8217; actions in regulating crypto assets, stating that the interconnectedness of the global order renders such measures ineffective. Related Reading: Floki Inu: Does Meme Coin Have What It Takes To Re-Enter Top 100 Spot? As technology transcends boundaries, she emphasizes the need for coordinated efforts in addressing the challenges posed by cryptocurrencies, surpassing geographical borders. India takes a stringent stance on crypto trading, disallowing traders from offsetting losses against gains.\u00a0 Notably, Sitharaman imposed a 30% flat tax on crypto income last year and a 1% tax deducted at source (TDS) on crypto trades above 10,000 Indian rupees ($122). Also, there are severe penalties, including penalties equal to TDS for non-deduction and 15% annual interest charges for late payments. Moreover, imprisonment for up to six months is possible, demonstrating a strong regulatory approach. Featured image from Pixabay and chart from TradingView.com<\/p>\n","protected":false},"author":584,"featured_media":535909,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10151,1020,14702,6664,2429],"class_list":["post-535903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ai","tag-blockchain","tag-cbdc","tag-crypto","tag-india"],"acf":[],"yoast_head":"\n<title>Indian Banks Urged To Embrace AI And Blockchain For Future Readiness<\/title>\n<meta name=\"description\" content=\"Reserve Bank of India (RBI) organized a conference exclusively for Indian banks, shedding light on the importance of Blockchain and AI.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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