RBI Leans On AI For Smarter Regulation And Fraud Control
The Reserve Bank of India’s annual report highlights the rising use of AI in its operations, including complaint redressal, fraud detection, policy making, and internal workflows.
The report also mentions the launch of ChiRAG (Chat Interface with Retrieval Augmented Generation), the RBI’s own generative AI platform, built to support analysis and automate tasks across departments.
To strengthen supervision, the RBI has set up the Advanced Supervisory Analytics Group (ASAG), which is building AI and machine learning tools for risk monitoring.
These include models for governance assessment, fraud vulnerability, social media tracking, borrower risk, and asset quality prediction.
The report also notes efforts to fight digital fraud. The Reserve Bank Innovation Hub has developed MuleHunter.ai, a supervised machine learning tool designed to detect mule bank accounts.
More AI-based tools are currently under development to support RBI’s regulatory and supervisory work.
FSSAI Issues Advisory On Misuse Of “100%” In Food Marketing