Bks must collaborate to face challenges posed by tech, says RBI Sankar
This story was originally published at 20:05 IST on 24 January 2025
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--RBI Sankar: Must engage bank employees in understanding changing tech
--RBI Sankar: Banks must collaborate to face challenges that tech may pose
MUMBAI – The banking system needs to collaborate in order to deal with the challenges which may be posed by the rapidly changing technology, Reserve Bank of India Deputy Governor T. Rabi Sankar said at the 20th Banking and Technology Conference on Friday.
"The challenges are also big. Most of those challenges that are there in terms of data, accountability, explainability, in terms of whether the human agency is required in the loop or all those challenges you are familiar with. But it cannot be the case that all of us are waiting for someone to give a solution before we actually decide on what kind of system we will develop," he said.
He said that for technology to sieve into the system, developing digital public infrastructure by public bodies and letting private expertise access to this infrastructure gives the quickest solution.
He also said that other major challenge is to continuously upskill and reskill employees on the rapidly changing technologies. "It is important that if our banking system has to keep pace with such changing technology. The people we have, our staff, our officials, everyone, should have a sense of what innovation is required, what innovation feels like, how should change be managed," he said. End
Reported by Kshipra Petkar
Edited by Akul Nishant Akhoury
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