RBI to launch podcast facility to communicate with public: Governor Shaktikanta Das
The RBI’s Monetary Policy Committee (MPC) held it's 11th consecutive meeting where it announced the facility
Reserve Bank of India governor Shaktikanta Das on Friday announced that the central bank will launch a podcast series to communicate with the public.
The RBI kept its key interest rate unchanged citing inflation risks, but cut the Cash Reserve Ratio that banks are required to park with the central bank, boosting money with lenders to support a slowing economy. During the monetary policy committee meetings, Shaktikanta Das said they had discussed how to aid financial literacy with tools such as a podcast.
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"Over the years, the Reserve Bank has expanded its communication toolkit and techniques to enhance transparency and better connect with the people. In continuance of this endeavour, the Reserve Bank proposes to add ‘podcasts’ to its communication toolkit for wider dissemination of information," said the RBI governor.
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Apart from this, last month, the RBI took another step towards making financial literacy accessible by creating five booklets in the Santali (Ol Chik) language.
The booklets cover topics such as financial products and services, best financial practices, digital banking, and consumer protection, and are tailored for school children, farmers, entrepreneurs, self-help groups, and senior citizens.
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The central bank had also recently organized a series of events, including a quiz competition for students.
During its policy meeting, the RBI also discussed the integration of artificial intelligence (AI) while addressing its risks. The bank plans to establish a committee to develop a framework called FREE-AI (Framework for Responsible and Ethical Enablement of AI) in the financial sector.
The RBI Innovation Hub in Bengaluru has also launched MuleHunter.AI, an AI-powered solution designed to help banks detect and manage mule accounts, which are commonly used in digital fraud.
The next meeting of the MPC is scheduled for February 5 or 7, 2025.
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