Surabhi Agarwal

Werner Vogels believes that the nations blend of technology, culture and government collaboration puts it in a strong position to lead the development of culturally aware AI.

When asked about supercomputers being built here in India, Su said, We are planning to (formally) announce the two supercomputers, very shortly. They are (being built) in partnership with the government around weather forecasting. This is an example of the types of the right investments happening in India.

The Reserve Bank Innovation Hub is collaborating with banks to use its Mulehunter.AI tool to detect financial fraud through mule accounts. This AI-powered tool has already shown better accuracy and efficiency than manual methods. The initiative aims to enhance technology in the banking sector and prevent cyber fraud, aligning with the government's emphasis on digital literacy.

The central bank's innovation arm is in talks with ten public and private banks to further the adoption of its artificial intelligence (AI)-powered tool to detect rising cases of financial fraud through widely prevalent “mule accounts”, a top executive said.

InMobi, a mobile advertising company, is leveraging generative artificial intelligence (GenAI) to drive business growth. Founder Naveen Tiwari said InMobi has developed a GenAI-powered advertising platform, set to launch in the US in three-four months and globally in six months, transforming the advertising landscape.

Wipro is bolstering its workforce for future growth. The company is focusing on leadership stability under CEO Srinivas Pallia. Wipro is hiring fresh talent and experienced professionals. It aims to hire 7,000-7,500 people by December. The company has shifted its campus recruitment strategy to 'train and then hire'. Wipro sees positive signs of a market rebound.

AI is poised to revolutionise industries and democratise technology. It will transform service delivery and create new job opportunities. Leaders emphasise the need for ethical AI development and light-touch regulation. Concerns about trust, safety, and data privacy are being addressed. AI's potential to enhance efficiency and improve customer service is highlighted. Upskilling the workforce is crucial for a smooth transition.

India's global capability centres (GCCs) are booming, with 1,700 currently and 2,200 projected in five years. Nasscom's new president, Rajesh Nambiar, highlighted the symbiotic relationship between GCCs and the IT sector, emphasising growth strategies amidst economic challenges. Nasscom is addressing key concerns, exploring new markets, and monitoring US policy changes, while also preparing for the long-term impact of AI.

The Reserve Bank Innovation Hub is developing a Unified Lending Interface. It is partnering with companies like Namma Yatri, Rapido, and Amul. The platform will use data to speed up loan approvals. Seven states have already joined the initiative. The goal is to make credit access easier, especially for small businesses and farmers.

The organization is also exploring collaboration with the likes of Google Pay on the insights that can be derived from data sharing on UPI transactions and warehouse deposit receipt data.