RBI Governor Shaktikanta Das achieves top rating among global central bankers

Shaktikanta Das
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Reserve Bank of India Governor Shaktikanta Das has been ranked as the top central banker globally by US-based Global Finance magazine.

Das has been rated ‘A+’ in the Global Finance Central Banker Report Cards 2023.

Das has been placed at the top of the list of three central bank governors who have been rated A+.

Grades are based on a scale from A to F for success in inflation control, economic growth goals, currency stability and interest rate management, according to a statement by Global Finance magazine.

An ‘A’ represents an excellent performance down through an ‘F’ for outright failure.

Das is followed by Switzerland Governor Thomas J Jordan and central bank chief of Vietnam Nguyen Thi Hong.

“Fighting inflation, which has been fueled by pent-up demand and disrupted supply chains, has everyone turning to their central bankers for help,” it said.

Global Finance’s annual Central Banker Report Cards celebrate bank governors whose strategies outperformed their peers through originality, creativity and tenacity, it said.

The central bank governors who earned an ‘A’ grade included Roberto Campos Neto of Brazil, Amir Yaron of Israel, Harvesh Kumar Seegolam of Mauritius and Adrian Orr of New Zealand.

Governors who earned an ‘A-‘ grade are Leonardo Villar of Colombia, Hector Valdez Albizu of Dominican Republic, Asgeir Jonsson of Iceland and Perry Warjiyo of Indonesia among others.

Source: https://www.telegraphindia.com/business/rbi-governor-shaktikanta-das-achieves-top-rating-among-global-central-bankers/cid/1963177

RBI Selects McKinsey And Company, Accenture Solutions To Use AI, ML To Improve Regulatory Supervision

RBI Selects McKinsey And Company, Accenture Solutions To Use AI, ML To Improve Regulatory Supervision | PTI

The Reserve Bank has selected global consultancy firms McKinsey and Company India LLP and Accenture Solutions Pvt Ltd India to develop systems using artificial intelligence and machine learning for its supervisory functions.

The RBI is looking to extensively use advanced analytics, artificial intelligence and machine learning to analyse its huge database and improve regulatory supervision over banks and NBFCs. For this purpose, the central bank plans to hire external experts.

In September last year, the RBI invited expressions of interest (EoI) for engaging consultants for the use of advanced analytics, artificial intelligence and machine learning for generating supervisory inputs.

Firms participated in the RFP

Based on the scrutiny/evaluation set out in the EOI document, the central bank had shortlisted seven applicants to participate in the request for proposal process (RFP) for the selection of consultant(s).

The seven firms were Accenture Solutions Private Limited; Boston Consulting Group (India) Pvt Ltd; Deloitte Touche Tohmatsu India LLP; Ernst and Young LLP; KPMG Assurance and Consulting Services LLP; McKinsey and Company; and Pricewaterhouse Coopers Pvt Ltd.

Of these, McKinsey and Company India LLP and Accenture Solutions Private Limited India have been awarded the contract, as per a Reserve Bank document.

The value of the contract is about Rs 91 crore.

While the RBI is already using AI and ML in supervisory processes, it now intends to upscale it to ensure that the benefits of advanced analytics can accrue to the Department of Supervision in the central bank.

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.

The supervisory jurisdiction of the RBI extends over banks, urban cooperative banks, NBFCs, payment banks, small finance banks, local area banks, credit information companies and select all Indian financial institutions.

It undertakes supervision of these entities with the objective of assessing their financial soundness, solvency, asset quality, governance framework, liquidity, and operational viability to protect depositors’ interests and financial stability.

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