RBI announces podcast service as new communication channel – News18

The Reserve Bank of India’s Monetary Policy Committee announced on Friday that it will add another medium of communication through podcasts.

The decision was taken by a six-member committee headed by Das after a two-day meeting.

The Reserve Bank of India announced on Friday that it will introduce podcasts as an additional communication tool. The announcement, made by Governor Shaktikanta Das during his term-end speech, is part of RBI’s ongoing efforts to increase engagement and transparency.

The decision was taken by a six-member committee headed by Das after a two-day meeting that began on December 4. The new initiative aims to widen RBI’s communication channels, making information more accessible to the public.

Keeping key interest rates unchanged due to inflationary risks, the RBI reduced the cash reserve ratio (CRR) for banks, increasing liquidity available to borrowers and supporting the sluggish economy. During the policy meeting, Governor Das highlighted the discussion on improving financial literacy through innovative tools like podcasts.

“Over the years, the Reserve Bank has expanded its communication toolkit to enhance transparency and better connect with the public. Accordingly, we have made it part of our communication strategy for wider dissemination of information. propose to introduce ‘Podcast’ as a way,” Governor Das said in a press conference.

Also, the RBI last month took a major step in promoting financial literacy by producing five booklets in Santali (Ol Chak) language. Targeting school children, farmers, entrepreneurs, self-help groups, and senior citizens, these booklets cover topics such as financial products and services, best financial practices, digital banking, and consumer protection.

The central bank recently organized events including a quiz competition for students to further its financial literacy efforts.

During the meeting, RBI also discussed the role of artificial intelligence (AI) and its potential risks. As part of this, the bank announced plans to set up a committee to develop a framework for “responsible and ethical competence of AI” in the financial sector (FREE-AI).

Additionally, RBI’s Innovation Hub in Bengaluru has launched MuleHunter.AI, an AI-powered tool designed to help banks detect and manage mule accounts, which Often used in digital fraud.

The next MPC meeting is scheduled to be held on February 5 or 7, 2025.