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RBI shortlists 7 global consultancy firms to improve regulatory supervision

December 12, 2022

RBI shortlists 7 global consultancy firms to improve regulatory supervision
The Reserve Bank has shortlisted seven global consultancy firms, including Pricewaterhouse Coopers, McKinsey and Boston Consulting Group (India), to use artificial intelligence and machine learning for 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.

In September this year, the RBI invited expressions of interest (EoI) for engaging consultants for use of advanced analytics, artificial intelligence and machine learning for generating supervisory inputs.

Based on the scrutiny/evaluation set out in the EOI document, the central bank has shortlisted seven applicants for participating in the request for proposal process (RFP) for the selection of consultants, according to an RBI document.

The seven firms are 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.

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