Last Updated:
The Reserve Bank of India’s Monetary Policy Committee on Friday announced that it will be adding another medium of communication of through podcasts.
The decision was taken by a six member committee led 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 final speech of the term, is part of the RBI’s ongoing efforts to enhance engagement and transparency.
The decision was taken by the six-member committee, led by Das, after a two-day meeting that began on December 4. This new initiative aims to broaden the RBI’s communication channels, making information more accessible to the public.
While keeping the key interest rate unchanged due to inflation risks, the RBI reduced the Cash Reserve Ratio (CRR) for banks, boosting the liquidity available to lenders and supporting a slowing economy. During the policy meeting, Governor Das highlighted discussions 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. In line with this, we propose to introduce ‘podcasts’ as part of our communication strategy for broader dissemination of information,” said Governor Das at the press conference.
In addition to this, the RBI took a significant step last month in promoting financial literacy by creating five booklets in Santali (Ol Chik) language. These booklets, targeting schoolchildren, farmers, entrepreneurs, self-help groups, and senior citizens, cover topics such as financial products and services, best financial practices, digital banking, and consumer protection.
The central bank also recently organized events, including a quiz competition for students, to further its financial literacy efforts.
During the meeting, the RBI also discussed the role of artificial intelligence (AI) and its potential risks. As part of this, the bank announced plans to establish a committee to develop a framework for the “Responsible and Ethical Enablement of AI” in the financial sector (FREE-AI).
Furthermore, the RBI’s Innovation Hub in Bengaluru has launched MuleHunter.AI, an AI-powered tool designed to help banks detect and manage mule accounts, which are often used in digital fraud.
The next MPC meeting is scheduled for February 5 or 7, 2025.
