Solution

The Reserve Bank has selected global consultancy firms McKinsey and Company India LLP and Accenture Solutions Pvt Ltd India to develop systems using artificial intelligence and machine learning for its supervisory functions.     The RBI is looking to extensively use advanced analytics, artificial intelligence and machine learning to analyse its huge database and improve regulatory supervision over banks and NBFCs. For this purpose, the central bank plans to hire external experts.   Based on the scrutiny/evaluation set out in the Expression of Interest (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 PricewaterhouseCoopers Pvt Ltd.