RBI news: Today every single work is being done with the help of AI, and RBI is also making full preparations to bring it in UPI, soon RBI is going to launch a system that will generate AI money just by your speaking. will have paid
Reserve Bank of India (RBI) is now considering developing a new system regarding UPI. The Reserve Bank of India said that it is thinking of bringing interactive payment facility on UPI through Artificial Intelligence (AI). On August 10, after the RBI’s monetary policy meeting, Governor Shakti anta Das said that interactive payments in UPI will give users a different experience.
The RBI governor said that conversational payments on UPI will enable users to engage in conversation with AI systems to make payments. He said that the central bank has proposed new technology for the users.
How banks are using AI
Apart from this announcement by the central bank, other private and public sector banks are closely working on their technology using AI and machine learning (ML) tools to expand digital banking services. Banks in India are increasingly incorporating technology like AI based service in their operations. From using chatbots to striking deals with fintech firms, banks are figuring out how to incorporate new-age technology.
HDFC Bank, the country’s largest private sector bank, has its own chatbot Eva. It presents information about the banking services of the lender to customers and non-customers. Similarly, Axis Bank is also looking at using the enterprise variant of ChatGPT to enhance the communication services with the customers. At the same time, the country’s largest bank State Bank of India said in its annual report for FY 2023 that business analytics will increase the use of AI and ML in operations.
No change in repo rate
RBI Governor Shaktikanta Das announced that the Monetary Policy Committee has unanimously kept the repo rate unchanged at 6.5 percent on August 10. The Standing Deposit Facility rate has also been retained at 6.25 per cent and the Marginal Standing Facility rate, Bank Rate has also been kept at 6.75 per cent. ,
