RBI has hired consultants McKinsey and Accenture to develop artificial intelligence (AI) and machine learning (ML) systems for its supervisory functions. The institution wants to improve regulatory oversight of banks and non-bank financial companies by analysing data in its database using advanced analytics, AI and ML; the central bank plans to hire external experts.
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.
