India launches hub to drive AI innovation in BFSI sector

Next-gen technologies such as Artificial Intelligence (AI) and Machine Learning have been projected to contribute up to US$1 trillion to the Indian economy by 2035

January 6, 2020

A Knowledge Hub of the National Stock Exchange (NSE) in New Delhi will prepare the future resources of the financial services sector through engagement with academic centres

A sum of US$480 million was allocated towards the development of IoT (Internet of Things), Machine Learning, Blockchain, Artificial Intelligence, and 3D printing

NITI Aayog highlights that AI can help drive the nation’s progress in Healthcare, Agriculture, Education. Smart Cities and Infrastructure and Smart Mobility

With the motive of #AIforAll, a paper by the NITI Aayog delineates the various methods by which the scope of AI and ML in the nation can be amplified

Next-gen technologies such as Artificial Intelligence (AI) and Machine Learning have been projected to contribute up to US$1 trillion to the Indian economy by 2035. Hence to drive activities in next-gen technology, Shri Piyush Goyal, Commerce, and Industry & Railways Minister, on January 6, inaugurated the Knowledge Hub of the National Stock Exchange (NSE) in New Delhi. The hub is an AI-powered learning ecosystem that will assist the banking, financial services, and insurance (BFSI) sector. 

Speaking on this occasion, Shri said that although India has developed as the second-largest fintech hub in the world, a lot of work still needs to be done in the BFSI sector. He hoped that the Knowledge Hub will fill in these gaps and help the financial sector to move into the future.

The NSE Knowledge Hub will enhance skills and help academic institutions in preparing future-ready talent for the financial service industry. It is also available on mobile and attempts to bring together world-class content and learners through this state-of-the-art and future-ready platform. The use of AI will ensure that the skill upgradation is affordable and accessible and helps in the creation of a workforce that is adequate for the requirements of the sector. 

The Government of India has introduced several noteworthy initiatives to promote the development of current capabilities in the sector. A sum of US$480 million has been allocated towards the development of IoT (Internet of Things), Machine Learning, Blockchain, Artificial Intelligence, and 3D printing, during the Annual Budget of 2018. NITI Aayog, the Government of India’s think tank, will be spearheading research into the several sectors that AI can complement and how the technology itself can be further developed. 

A discussion paper by the NITI Aayog highlights that AI can help catalyze the nation’s progress in Healthcare, Agriculture, Education. Smart Cities and Infrastructure and Smart Mobility sectors. With the motive of #AIforAll, the report delineates the various methods by which the scope of AI and ML in the nation can be amplified: (i) Increasing the availability of Open-source tools for building and analysing AI solutions in addition to facilitating data retrieval, (ii) Curating data and knowledge across formats to build an open data repository that will enhance AI solutions, (iii) Utilizing AI capabilities to amplify governmental endeavors in public healthcare and amplifying vigilance within the nation. 

With the government also facilitating the opening of several Centres of Excellence that will tap into the potential of AI and ML, the sector can expect to witness exponential growth in the days to come.