RBI using AI for real-time data monitoring and analysis: Shaktikanta Das

Prameyanews English

Published By : Prameya News Bureau | June 28, 2024 IST

Shaktikanta Das

Mumbai, June 28: The Reserve Bank has ventured into Artificial Intelligence (AI) and Machine Learning (ML) analytics in multiple areas in order to develop cutting-edge systems for high frequency and real-time data monitoring and analysis.

RBI Governor Shaktikanta Das said this on Friday In his address at the inauguration of the RBI’s 18th Statistical Day Conference here.

 “The focus now is naturally on enhancing capacity in AI and ML techniques and analysing unstructured textual data. While doing so, ethical considerations need to be addressed and biases in algorithms need to be eliminated,” Das said.

The celebration of Statistics Day in India coincides with the birth anniversary of Professor Prasanta Chandra Mahalanobis whose contributions in laying the foundations of modern-day official statistics in India have been pioneering.

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