RBI is using AI for real-time data analysis: Shaktikanta Das

Mumbai, June 28: The Reserve Bank has ventured into Artificial Intelligence (AI) and Machine Learning (ML) analytics in multiple areas in order to develop cutting-edge systems for high-frequency and real-time data monitoring and analysis, RBI Governor Shaktikanta Das said on Friday.

In his address at the inauguration of the RBI’s 18th Statistical Day Conference here, Das said: “The focus now is naturally on enhancing capacity in AI and ML techniques and analysing unstructured textual data. While doing so, ethical considerations need to be addressed and biases in algorithms need to be eliminated.”

He said that this annual event provides an opportunity to reflect on the current and evolving state of the statistical system. It also helps to take stock of the refinements in the application of statistical methods and technologies in the realm of public policy.

“Looking ahead, the year 2025 has a special significance for the compilation of official statistics the world over. Global efforts are expected to culminate in new global standards for the compilation of macroeconomic statistics, especially for national accounts and balance of payments. Our team in the Reserve Bank is closely tracking these developments,” the RBI Governor said.