RBI calls for EOIs from consultants for use of advanced analytics, AI

The Reserve Bank of India has sought expressions of interest from consultants for use of Advanced Analytics, Artificial Intelligence and Machine Learning for generating supervisory inputs.

In a press release, RBI said that it is looking to appoint qualified firms of repute to go through the data collected by the central bank, create a data map and carry out data profiling to generate use cases.

The consultant will also help build an analytical model called Digital Analytical Zone based on cloud architecture that is different from RBI network. This cloud architecture will help test new models and provide compute power on demand.

“While there are usages of AI & ML in supervisory processes, the present state of data and processes have to be assessed to ensure that the benefits of advanced analytics can accrue to the Department. The Department has been collecting data from regulated entities and the granularity, frequency and quality of this data is such that it is ripe for predictive analysis,”’ said RBI. “The Department 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 such of its attributes that can be leverage to generate new and improved supervisory inputs,” it added.

According to RBI, the objective of the project is to enhance the skills and functional efficiency of the department through advance analytical models.