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Blind adoption of new fintechs without proper understanding could have adverse affect: RBI ED

New Delhi: Ajay K. Choudhary, executive director (ED) of the Reserve Bank of India, observed that while new technologies like artificial intelligence and block chain are very beneficial for the financial sector, a blind adoption of technological innovation without understanding its biases and limitations could be counterproductive. Also Read :-Despite oil prices at 7-month low, […]

Edited By : Vikas Kumar | Updated: Sep 13, 2022 12:47 IST
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New Delhi: Ajay K. Choudhary, executive director (ED) of the Reserve Bank of India, observed that while new technologies like artificial intelligence and block chain are very beneficial for the financial sector, a blind adoption of technological innovation without understanding its biases and limitations could be counterproductive.

Also Read :-Despite oil prices at 7-month low, no change in petrol and diesel prices in India

 

“The new tech such as artificial intelligence, block chain, quantum computing, big data, analytics, 5G, all of them bring a lot of benefit. However, they also bring some significant potential for disruption in the future of finance,” he said.

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First published on: Sep 09, 2022 12:15 PM IST

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