Artificial Intelligence is revolutionizing the Banking Sector by improving efficiency, security, and customer experience. However, challenges like high implementation costs, data privacy concerns, and skilled workforce shortages persist. The RBI emphasizes a balanced approach, including a robust regulatory framework and financial inclusion, to ensure successful AI adoption in banking.
Click to View MoreIndian Insurance sector is predicted to double to Rs 25 lakh crore by 2030, according to a report by IBAI and McKinsey & Company. The sector is crucial for economic growth, social security, financial inclusion, and national resilience. Government schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana and PMSBY provide low premiums and risk coverage.
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