Reserve Bank of India selects McKinsey and Accenture for AI project

The Reserve Bank of India has following a competitive bidding process selected McKinsey & Company and Accenture as its partner for an artificial intelligence project.

A total of seven consulting firms were shortlisted by the Reserve Bank of India for the project involving advanced analytics, artificial intelligence (AI) and machine learning (ML).

From these seven firms, McKinsey & Company and Accenture came out on top – they will advise the central bank on the business case for AI use cases, the design of solutions, and oversee the build and implementation process.

The value of the contracts has not been disclosed by the central bank, but is estimated to be worth around Rs 91 crore according to reporting by The Economic Times.

The Reserve Bank of India is India’s central bank and regulatory body responsible for regulation of the Indian banking system, including system banks, NBFCs and payment players. The bank sees AI and ML as a promising technology to enhance its operations across a number of domains, including payments, regulatory control, process efficiency, and management-level decision-making.

The central bank is not new to AI and ML: the technologies are already used in the departments responsible for supervision, with scaling-up to other areas now the main objective.

McKinsey & Company is one of the world’s leading strategic consulting firms. Accenture is a worldwide operating consulting and technology services provider with over 700,000 staff.