Page 23 - BANKING FINANCE OCTOBER 2021

ARTICLE

Artificial General Intelligence comprises of human-level Artificial Intelligence (AI) industry in
tasks such as performed by self-driving cars by Uber, India - The current status
Autopilot by Tesla. Fujitsu-built K, one of the fastest
supercomputers, is one of the most notable attempts According to a source, around 500 start-ups and businesses
are using AI domains. Most of the growth in AI in India can
at achieving strong AI, but considering it took 40
be seen in the private sector. The government sector in the
minutes to simulate a single second of neural activity,
it involves continual learning by the machines. NITI Aayog plan developed a National level Strategy for
bringing Artificial Intelligence in India. Even though the
private sector has the major share of AI services in the
Y ASI - Artificial Super Intelligence: It is more capable
industry but the government sector is still the largest
than a human.
customer for data science in terms of the Indian economy.
Artificial Super Intelligence refers to intelligence way
smarter than humans. ASI would have a greater memory There are several start-ups that are based in cities such as
and a faster ability to process and analyse data and Bengaluru, New Delhi, Mumbai and Hyderabad which work
stimuli. Consequently, the decision-making and problem on artificial intelligence principles to serve consumers better.
solving capabilities of super intelligent beings would be Their product range varies from multi-lingual Chatbots to
far superior to those of human beings. online shopping assistance and automated consumer data
analysis. The companies have been working in areas such
Stages of Artificial Intelligence (AI) as e-commerce, healthcare, edtech, fintech etc. Though in
their nascent stage, the performance of these companies
Y Stage 1 - Machine Learning
have been promising.
It is a set of algorithms used by intelligent systems to
learn from experience. India is third in terms of investment, just lags behind U.S.A.

Y Stage 2 - Machine Intelligence and China. With a copious pool of STEM talent and with
These are the advanced set of algorithms used by growing population of youngsters, India will be banking on
machines to learn from experience. eg - Deep Neural AI for its economic growth and improvement in quality of
life of its citizens.
Networks. Artificial Intelligence technology is currently
at this stage
The challenges Facing India's Artificial
Y Stage 3 - Machine Consciousness
It is self-learning from experience without the need of Intelligence (AI) Development
external data. 1. AI-based applications to date have been driven largely
by the private sector and have been focused primarily
in consumer goods. The emergent scale and implications
of the technology make it imperative for policymakers
in government to take notice.

2. Early lessons of AI success in the United States, China,
South Korea, and elsewhere offer public and private
funding models for AI research that India should
consider.
3. The sequential system of education and work is
outdated in today's economic environment as the
nature of jobs shifts rapidly and skills become valuable
and obsolete in a matter of years.

Indian Banks and the Technology

The balanced approach followed by Indian central bank,

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