{"id":1247377,"date":"2023-07-10T06:28:19","date_gmt":"2023-07-10T00:58:19","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1247377"},"modified":"2023-07-10T06:28:52","modified_gmt":"2023-07-10T00:58:52","slug":"govt-psu-banks-asked-to-deploy-artificial-intelligence-for-increasing-productivity-by-finance-ministry","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/govt-psu-banks-asked-to-deploy-artificial-intelligence-for-increasing-productivity-by-finance-ministry\/","title":{"rendered":"Govt, PSU Banks Asked To Deploy Artificial Intelligence For Increasing Productivity By Finance Ministry"},"content":{"rendered":"\n

The finance ministry has asked state-controlled banks to consider using emerging technologies such as account aggregators and generative artificial intelligence (AI) to improve their operational efficiency and customer experience.<\/p>\n\n\n\n

\"Govt,<\/figure>\n\n\n\n

Leverage technology<\/strong><\/p>\n\n\n\n

In a meeting chaired by Union Finance Minister Nirmala Sitharaman to review the performance of public sector banks (PSBs), banks were told to use technology to provide enhanced services and to cut costs.<\/p>\n\n\n\n

\u201cProcess automation happens across every digital back office, automation of branch facing roles etc,\u201d a senior finance ministry official said.<\/p>\n\n\n\n

Collaboration among lenders<\/strong><\/p>\n\n\n\n

They also said that PSBs are spending money separately for technology upgrades in artificial intelligence and machine learning, which is adding to costs.<\/p>\n\n\n\n

Thereby the ministry has also encouraged collaboration among lenders to cut costs as there is a need for shared infrastructure on cyber security areas and protection of customers\u2019 personal information.<\/p>\n\n\n\n

Outsourced work<\/strong><\/p>\n\n\n\n

The government cautioned state-run banks on customer data protection while outsourcing critical services, including technical services.<\/p>\n\n\n\n

In April, the RBI issued its final guidelines for outsourcing <\/a>information technology in the financial sector.<\/p>\n\n\n\n

It said that even after contracting out any work, their responsibility would not shrink and that they would be ultimately responsible for outsourced work.<\/p>\n\n\n\n

Performance review<\/strong><\/p>\n\n\n\n

All the major financial parameters viz., credit deployment, profitability, asset quality, capital adequacy, etc indicate a significant improvement in performance of PSBs.<\/p>\n\n\n\n

The meeting has also noted that they are adequately capitalised, resilient, and have sound <\/a>financial health.<\/p>\n\n\n\n

Bankers during the meeting assured the Finance Minister that with strong financial health, they are comfortably placed to withstand any macroeconomic shock.<\/p>\n","protected":false},"excerpt":{"rendered":"

The finance ministry has asked state-controlled banks to consider using emerging technologies such as account aggregators and generative artificial intelligence (AI) to improve their operational efficiency and customer experience. Leverage technology In a meeting chaired by Union Finance Minister Nirmala Sitharaman to review the performance of public sector banks (PSBs), banks were told to use […]<\/p>\n","protected":false},"author":24,"featured_media":1247385,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[867,866],"class_list":["post-1247377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-govt-banks","tag-psu-banks"],"acf":[],"yoast_head":"\nGovt, PSU Banks Asked To Deploy Artificial Intelligence For Increasing Productivity By Finance Ministry - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/govt-psu-banks-asked-to-deploy-artificial-intelligence-for-increasing-productivity-by-finance-ministry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt, PSU Banks Asked To Deploy Artificial Intelligence For Increasing Productivity By Finance Ministry - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"The finance ministry has asked state-controlled banks to consider using emerging technologies such as account aggregators and generative artificial intelligence (AI) to improve their operational efficiency and customer experience. Leverage technology In a meeting chaired by Union Finance Minister Nirmala Sitharaman to review the performance of public sector banks (PSBs), banks were told to use […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/trak.in\/stories\/govt-psu-banks-asked-to-deploy-artificial-intelligence-for-increasing-productivity-by-finance-ministry\/\" \/>\n<meta property=\"og:site_name\" content=\"Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-10T00:58:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-10T00:58:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/07\/Untitled-design-2-6-3-1280x720-1024x576-1-1280x720-1024x576-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shreya Bose\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shreya Bose\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/trak.in\/stories\/govt-psu-banks-asked-to-deploy-artificial-intelligence-for-increasing-productivity-by-finance-ministry\/\",\"url\":\"https:\/\/trak.in\/stories\/govt-psu-banks-asked-to-deploy-artificial-intelligence-for-increasing-productivity-by-finance-ministry\/\",\"name\":\"Govt, PSU Banks Asked To Deploy Artificial Intelligence For Increasing Productivity By Finance Ministry - Trak.in - Indian Business of Tech, Mobile & Startups\",\"isPartOf\":{\"@id\":\"https:\/\/trak.in\/stories\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/trak.in\/stories\/govt-psu-banks-asked-to-deploy-artificial-intelligence-for-increasing-productivity-by-finance-ministry\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/trak.in\/stories\/govt-psu-banks-asked-to-deploy-artificial-intelligence-for-increasing-productivity-by-finance-ministry\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/07\/Untitled-design-2-6-3-1280x720-1024x576-1-1280x720-1024x576-1.jpg\",\"datePublished\":\"2023-07-10T00:58:19+00:00\",\"dateModified\":\"2023-07-10T00:58:52+00:00\",\"author\":{\"@id\":\"https:\/\/trak.in\/stories\/#\/schema\/person\/9817221c96a9aadc34f34cc7b8767dc6\"},\"breadcrumb\":{\"@id\":\"https:\/\/trak.in\/stories\/govt-psu-banks-asked-to-deploy-artificial-intelligence-for-increasing-productivity-by-finance-ministry\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/trak.in\/stories\/govt-psu-banks-asked-to-deploy-artificial-intelligence-for-increasing-productivity-by-finance-ministry\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/trak.in\/stories\/govt-psu-banks-asked-to-deploy-artificial-intelligence-for-increasing-productivity-by-finance-ministry\/#primaryimage\",\"url\":\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/07\/Untitled-design-2-6-3-1280x720-1024x576-1-1280x720-1024x576-1.jpg\",\"contentUrl\":\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/07\/Untitled-design-2-6-3-1280x720-1024x576-1-1280x720-1024x576-1.jpg\",\"width\":1024,\"height\":576},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/trak.in\/stories\/govt-psu-banks-asked-to-deploy-artificial-intelligence-for-increasing-productivity-by-finance-ministry\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/trak.in\/stories\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Govt, PSU Banks Asked To Deploy Artificial Intelligence For Increasing Productivity By Finance Ministry\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/trak.in\/stories\/#website\",\"url\":\"https:\/\/trak.in\/stories\/\",\"name\":\"Trak.in - Indian Business of Tech, Mobile & Startups\",\"description\":\"Trak.in is a popular Indian Business, Technology, Mobile & Startup blog featuring trending News, views and analytical take on Technology, Business, Finance, Telecom, Mobile, startups & Social Media Space\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/trak.in\/stories\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/trak.in\/stories\/#\/schema\/person\/9817221c96a9aadc34f34cc7b8767dc6\",\"name\":\"Shreya Bose\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/trak.in\/stories\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/1404d637610526a87c014a8eac9883a6c61491f1e6553d1946b0dd0b135713be?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/1404d637610526a87c014a8eac9883a6c61491f1e6553d1946b0dd0b135713be?s=96&d=mm&r=g\",\"caption\":\"Shreya Bose\"},\"url\":\"https:\/\/trak.in\/stories\/author\/shreya-bose\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Govt, PSU Banks Asked To Deploy Artificial Intelligence For Increasing Productivity By Finance Ministry - Trak.in - Indian Business of Tech, Mobile & Startups","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/trak.in\/stories\/govt-psu-banks-asked-to-deploy-artificial-intelligence-for-increasing-productivity-by-finance-ministry\/","og_locale":"en_US","og_type":"article","og_title":"Govt, PSU Banks Asked To Deploy Artificial Intelligence For Increasing Productivity By Finance Ministry - Trak.in - Indian Business of Tech, Mobile & Startups","og_description":"The finance ministry has asked state-controlled banks to consider using emerging technologies such as account aggregators and generative artificial intelligence (AI) to improve their operational efficiency and customer experience. Leverage technology In a meeting chaired by Union Finance Minister Nirmala Sitharaman to review the performance of public sector banks (PSBs), banks were told to use […]","og_url":"https:\/\/trak.in\/stories\/govt-psu-banks-asked-to-deploy-artificial-intelligence-for-increasing-productivity-by-finance-ministry\/","og_site_name":"Trak.in - Indian Business of Tech, Mobile & Startups","article_published_time":"2023-07-10T00:58:19+00:00","article_modified_time":"2023-07-10T00:58:52+00:00","og_image":[{"width":1024,"height":576,"url":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/07\/Untitled-design-2-6-3-1280x720-1024x576-1-1280x720-1024x576-1.jpg","type":"image\/jpeg"}],"author":"Shreya Bose","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Shreya Bose","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/trak.in\/stories\/govt-psu-banks-asked-to-deploy-artificial-intelligence-for-increasing-productivity-by-finance-ministry\/","url":"https:\/\/trak.in\/stories\/govt-psu-banks-asked-to-deploy-artificial-intelligence-for-increasing-productivity-by-finance-ministry\/","name":"Govt, PSU Banks Asked To Deploy Artificial Intelligence For Increasing Productivity By Finance Ministry - Trak.in - Indian Business of Tech, Mobile & Startups","isPartOf":{"@id":"https:\/\/trak.in\/stories\/#website"},"primaryImageOfPage":{"@id":"https:\/\/trak.in\/stories\/govt-psu-banks-asked-to-deploy-artificial-intelligence-for-increasing-productivity-by-finance-ministry\/#primaryimage"},"image":{"@id":"https:\/\/trak.in\/stories\/govt-psu-banks-asked-to-deploy-artificial-intelligence-for-increasing-productivity-by-finance-ministry\/#primaryimage"},"thumbnailUrl":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/07\/Untitled-design-2-6-3-1280x720-1024x576-1-1280x720-1024x576-1.jpg","datePublished":"2023-07-10T00:58:19+00:00","dateModified":"2023-07-10T00:58:52+00:00","author":{"@id":"https:\/\/trak.in\/stories\/#\/schema\/person\/9817221c96a9aadc34f34cc7b8767dc6"},"breadcrumb":{"@id":"https:\/\/trak.in\/stories\/govt-psu-banks-asked-to-deploy-artificial-intelligence-for-increasing-productivity-by-finance-ministry\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/trak.in\/stories\/govt-psu-banks-asked-to-deploy-artificial-intelligence-for-increasing-productivity-by-finance-ministry\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/trak.in\/stories\/govt-psu-banks-asked-to-deploy-artificial-intelligence-for-increasing-productivity-by-finance-ministry\/#primaryimage","url":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/07\/Untitled-design-2-6-3-1280x720-1024x576-1-1280x720-1024x576-1.jpg","contentUrl":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/07\/Untitled-design-2-6-3-1280x720-1024x576-1-1280x720-1024x576-1.jpg","width":1024,"height":576},{"@type":"BreadcrumbList","@id":"https:\/\/trak.in\/stories\/govt-psu-banks-asked-to-deploy-artificial-intelligence-for-increasing-productivity-by-finance-ministry\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/trak.in\/stories\/"},{"@type":"ListItem","position":2,"name":"Govt, PSU Banks Asked To Deploy Artificial Intelligence For Increasing Productivity By Finance Ministry"}]},{"@type":"WebSite","@id":"https:\/\/trak.in\/stories\/#website","url":"https:\/\/trak.in\/stories\/","name":"Trak.in - Indian Business of Tech, Mobile & Startups","description":"Trak.in is a popular Indian Business, Technology, Mobile & Startup blog featuring trending News, views and analytical take on Technology, Business, Finance, Telecom, Mobile, startups & Social Media Space","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/trak.in\/stories\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/trak.in\/stories\/#\/schema\/person\/9817221c96a9aadc34f34cc7b8767dc6","name":"Shreya Bose","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/trak.in\/stories\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/1404d637610526a87c014a8eac9883a6c61491f1e6553d1946b0dd0b135713be?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/1404d637610526a87c014a8eac9883a6c61491f1e6553d1946b0dd0b135713be?s=96&d=mm&r=g","caption":"Shreya Bose"},"url":"https:\/\/trak.in\/stories\/author\/shreya-bose\/"}]}},"jetpack_featured_media_url":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/07\/Untitled-design-2-6-3-1280x720-1024x576-1-1280x720-1024x576-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/posts\/1247377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/comments?post=1247377"}],"version-history":[{"count":1,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/posts\/1247377\/revisions"}],"predecessor-version":[{"id":1247386,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/posts\/1247377\/revisions\/1247386"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/media\/1247385"}],"wp:attachment":[{"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/media?parent=1247377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/categories?post=1247377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/tags?post=1247377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}