The two entities will jointly explore use cases of emerging technologies in finance and related areas, across central and state ministries and PSUs
BS Reporter |
Last Updated at July 1, 2021 18:32 IST
The Arun Jaitley National Institute of Financial Management (AJNIFM) and Microsoft announced a strategic partnership to build an AI and emerging technologies Centre of Excellence at AJNIFM. The collaboration seeks to explore the role of cloud, AI, and emerging technologies for transforming and shaping the future of public finance management in India.
The Centre of Excellence will serve as a central body for research, AI scenario envisioning, and tech led innovation. AJNIFM and Microsoft will jointly explore use cases of emerging technologies in finance and related areas, across central and state ministries and public sector enterprises.
Microsoft will partner closely with AJNIFM to define the future of public finance management in India, providing the technology, tools, and resources to build a strong ecosystem of partners, upskill government officials and build thought leadership.
Prabhat Ranjan Acharya, Director, AJNIFM, said, “The Steering Committee on fintech related issues under the chairmanship of Secretary, EA, had recommended setting up centres of excellence on fintech in key premier national institutions like AJNIFM. The ambit of research studies will seek to address key challenges in public financial management, particularly expenditure management, revenue leakages, use of emerging technologies in preventing money laundering, studying existing DBT system, and potential of application of emerging technologies including machine learning models in decision making etc. With continuous technological support from Microsoft, AJNIFM will be the only institution in the country equipped with high pedigree of financial analytical tools in the financial sector research domain.”
Both organisations will also work closely on a capacity building program for senior government officials in associated ministries, departments, and financial institutions. As part of this skilling effort, public sector officials will be trained on the application of emerging technologies in finance management to address potential risks like money laundering, use of machine learning models for decision making, role of responsible tech in finance, etc. Microsoft will also work closely with its partners, MSMEs, and ISVs to build customized solutions that address the challenges of the sector.
“This collaboration brings together AJNIFM’s rich experience in the public sector with Microsoft’s cloud and AI capabilities, paving the way for data and AI led governance and fintech transformation,” said Navtez Bal, Executive Director, Public Sector, Microsoft India.
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