RBI To Launch Podcast Facility As New Communication Channel

SUMMARY

RBI adds podcasts to its communication toolkit to boost public engagement and transparency

The initiative joins RBI's recent steps in regional language communication, including Santali financial literacy booklets

Move aligns with RBI's digital transformation strategy, which includes AI initiatives like MuleHunter.AI and FREE-AI framework

The Reserve Bank of India (RBI) today (December 6) said it will roll out a podcast service as an additional communication tool, a move by the central bank to boost its engagement and transparency.

“Over the years, the Reserve Bank has expanded its communication toolkit and techniques to enhance transparency and better connect with the people. In continuance of this endeavour, it proposes to add ‘podcasts’ to its communication toolkit for wider dissemination of information,” said governor Shaktikanta Das, during monetary policy committee (MPC) meeting.

The central bank has recently expanded its outreach through various mediums, including publishing educational booklets in regional languages.

This development comes as part of RBI’s broader strategy to enhance transparency and public engagement. In November, the central bank published five financial literacy booklets in Santali language, targeting different segments including students, farmers, entrepreneurs, and senior citizens.

The move aligns with RBI’s digital transformation efforts, which include today’s announcement of MuleHunter.AI to combat financial fraud and the upcoming framework for responsible and ethical enablement of AI (FREE-AI) in the financial sector.

“Banks are encouraged to collaborate with RBIH to further develop the MuleHunter.AI initiative and tackle the problem of mule bank accounts being used for financial fraud,” Das said.

The central bank will also set up a committee to develop a Framework for Responsible and Ethical Enablement of AI (FREE-AI) in the financial sector. The framework will address challenges including algorithmic bias, decision explainability, and data privacy.

Government data shows Indians lost INR 11,333 Cr to cyber fraud in the first nine months of 2024. The country recorded 6.32 Lakh cases of UPI frauds worth INR 485 Cr in the first six months of FY25.

Earlier this year, the RBI published five financial literacy booklets in Santali language for different segments including students, farmers, and entrepreneurs. The central bank also organized events like quiz competitions to promote financial awareness.