RBI using AI for real-time data analysis: Governor Das

Mumbai, June 28

The Reserve Bank of India 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 on Friday.

In his address at the inauguration of the RBI’s 18th Statistical Day Conference here, Das said: “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.”

He said this annual event provides an opportunity to reflect on the current and evolving state of the statistical system.

It also helps to take stock of the refinements in the application of statistical methods and technologies in the realm of public policy.

The surge in computing power is being increasingly harnessed in combination with statistical methods to improve efficiency in decision-making and enrich end-user experience in various fields of human knowledge, he added.