RBI Enlists McKinsey and Accenture to Enhance Oversight Using AI and Machine Learning
In a strategic move towards bolstering its supervisory functions, the Reserve Bank of India (RBI) has partnered with renowned consultancy firms, McKinsey and Company India, along with Accenture Solutions India. The collaborative effort aims to harness the power of artificial intelligence (AI) and machine learning (ML) technologies for data analysis, thereby fortifying regulatory supervision over banks and Non-Banking Financial Companies (NBFCs).
With an increasing emphasis on advanced analytics, AI, and ML, the RBI is committed to optimising its extensive database through innovative methods. The objective is to bolster its capability to monitor financial institutions effectively. To accomplish this, the central bank has taken the initiative to engage external experts, signaling its readiness to embrace cutting-edge advancements.
Last year in September, the RBI initiated a call for expressions of interest (EOI) from potential consultants capable of harnessing advanced analytics, artificial intelligence, and machine learning to enhance supervisory insights. Following a thorough evaluation of the received proposals, the RBI shortlisted seven candidates for further consideration in the request for proposal (RFP) process.
The outcome of this meticulous selection process has seen McKinsey and Accenture emerge as the chosen partners. As per a recently released RBI document, the contract awarded to the two consultancy giants is valued at 91 crore rupees. This collaboration underscores the RBI’s commitment to leveraging technology’s potential in its pursuit of refined financial oversight and stability.