The Reserve Bank of India (RBI) has been recognized with the prestigious “Risk Manager of the Year Award 2024” by Central Banking, a leading publication based in London, UK. This accolade celebrates RBI’s exceptional efforts in enhancing its risk culture and awareness, highlighting its pivotal role in safeguarding the stability of India’s financial system.

Executive Director Shri Manoranjan Mishra accepted the award on behalf of RBI at a ceremony held in London. This recognition underscores RBI’s commitment to integrating advanced technologies, particularly Artificial Intelligence (AI) and Machine Learning (ML), into critical areas such as supervision and risk management. RBI emphasized in its annual report the transformative potential of AI in analyzing vast data sets and detecting patterns, thereby bolstering risk management practices across sectors.

As part of its digital transformation agenda, RBI is nearing completion of its state-of-the-art Greenfield Data Centre, slated to serve as a cornerstone for research, capacity building, and meeting the evolving needs of the financial services industry. However, RBI also cautioned about the risks associated with the widespread adoption of AI and ML, including potential losses due to extreme weather events exacerbated by climate change.

Source: The Economic Times