Page 39 - Banking Finance September 2021

ARTICLE

concerns that this embrace of intelligence technology could impact associated with these new technologies would have
lead to job losses across the industry. During the World a strong advantage over their competitors in terms of
Economic Forum's (WEF) annual conference in Davos, it was expanding their consumer-base and becoming the front
predicted that the rise of robots and AI could lead to the runner in the Indian and the global scenario.
loss of 5.1m jobs over the next five years in countries
including Australia, UK and US. Legal, business and financial It can be assumed that technology, especially Artificial
operations were all name-checked by the WEF as sectors Intelligence, constitute a significant element of the Indian
that would be affected by this. Banking sector, given its reassurance of refined and
extended customer satisfaction, operational digitization,
Even so, the benefits outweigh the disadvantages. That is minimising cyber risks, and transaction transparency for
why artificial intelligence software is an essential tool in the improved customer-relations.
financial industry. It improves the standard of customer
service and administration while lowering cost and provides Artificial Intelligence is in the beginning stage and there is
a competitive advantage in an increasingly competitive lot of scope for deployment of these softwares in various
industry. Banking jobs in the coming years.

References: -
Conclusion
1. https://timesofindia.indiatimes.com
The augmented competition comes up with an opportunity
for the service providers to take more risks and emphasise 2. https://www.livemint.com
on and experiment with technological leaps. Those 3. https://towardsdatascience.com/
establishments that can take risks and escape the adverse 4. https://www.yesbank.in

FM discusses key areas of cooperation for recovery of BRICS
Finance Minister NirmalaSitharaman discussed with her BRICS counterparts the key areas of cooperation that would
be crucial in supporting recovery of the grouping's economies and maintaining macroeconomic stability, while pro-
tecting against future uncertainties posed by the COVID-19 pandemic. She highlighted that BRICS (Brazil, Russia,
India, China and South Africa) has been playing and will continue to play a crucial role in dealing with crises such as
the pandemic.
Sitharaman virtually chaired the second meeting of BRICS Finance Ministers and Central Bank Governors (FMCBG)
along with Reserve Bank of India (RBI) Governor Shaktikanta Das under the Indian BRICS Chairship, a finance min-
istry statement said.

During the meeting, the FMCBGs endorsed the BRICS Finance Ministers and Central Bank Governors Statement on
Global Economic Outlook and Responding to COVID-19 Crisis with an annexure on snapshot of policy experiences of
member countries in dealing with the economic impact of the pandemic, it said.
Sitharaman, as the chair, remarked that India attaches great significance to presenting this statement before the
global community since it unanimously voices the view of BRICS countries on the critical aspects underpinning cur-
rent international policy conversations on post pandemic recovery.
A 'Technical Report on Social Infrastructure: Financing and Use of Digital Technologies' was also endorsed, it said.This
report is an exercise towards collaborative knowledge sharing between BRICS economies on social infrastructure,
including on how the governments have leveraged digital technologies to enhance access and improve service deliv-
ery, especially in the health and education sectors.

The BRICS finance ministers also welcomed the conclusion of negotiations on the text of Cooperation and Mutual
Administrative Assistance (CMAA) in customs matters, along with deliberating progress made on other customs re-
lated issues.

BANKING FINANCE | SEPTEMBER | 2021 | 39