RBI has selected global consultancy firms McKinsey and Company India LLP and Accenture Solutions Pvt Ltd India to develop systems using AI and ML for its supervisory functions.
It was in last September, when the RBI invited expressions of interest (EoI) to involve consultants in using advanced analytics Artificial Intelligence and Machine Learning for generating supervisory inputs.
Based on the screening/evaluation prescribed in the EoI document, the Central Bank shortlisted 7 applicants for selection of Consultants. The shortlisted 7 firh ms included Accenture Solutions Private Limited; Boston Consulting Group (India) Pvt Ltd; Deloitte Touche Tohmatsu India LLP; Ernst and Young LLP; KPMG Assurance and Consulting Service LLP; McKinsey and Company; and Pricewaterhouse Coopers Pvt Ltd.
Eventually, Indian Units of McKinsey and Accenture were the ones who got awarded a contract worth rupees 91 crore, according to the Reserve Bank document.
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.
This supervisory jurisdiction of RBI ranges from various banks like urban cooperative banks, NBFCs, payment banks, small finance banks, and local area banks to credit information companies and all Indian financial institutions.
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