Roscosmos Invites BRICS Countries To Join Space Station Development RBI selects McKinsey and Accenture to Deploy AI for Better regulatory Supervision

The head of Russia's space agency, Roscosmos DirectorGeneral Yuri Borisov has offered BRICS group - Brazil, India, China and South Africa - to build a module for their planned orbital station, a news agency reported.

The discussion was held in a BRICS meeting on space cooperation in Hermanus, South Africa, among the heads of the space agencies of BRICS. The meeting stated that the first module of the Russian Orbital Station (ROS) will be launched in 2027, and its construction will be completed by 2032, reports by Intermax.

By then, the International Space Station, which is jointly operated by several countries, is likely to be shut down by the end of 2030.

Last August, Roscosmos said that its new space station would consist of six modules and a service platform, to accommodate up to four cosmonauts, and be built in two phases. No date was given in this.

The Reserve Bank of India (RBI) has selected McKinsey and Company India LLP and Accenture Solution Pvt Ltd to develop Artificial Intelligence (AI) and Machine Learning (ML) incorporated systems for supervisory functions.

This move would improve regulatory supervision over banks and NBFCs country-wide. A contract worth Rs91 crore has been awarded to McKinsey and Accenture, as per an RBI document.

The development has come to fruit in lieu of RBI expressing interest for engaging consultants who could deploy advance analytics, AI, and ML to generate supervisory inputs last year.

However, the central bank has already been using AI and ML in its supervisory process. It now intends to expand it and rake in the benefits of advanced analytics. These technologies can be used for real-time data reporting and effective data management.

With generative AI coming into the picture recently and becoming a behemoth, many regulatory and supervisory bodies have incorporated techniques in order to elevate their work.

With generative AI coming into the picture recently and becoming a behemoth, many regulatory and supervisory bodies have incorporated techniques in order to elevate their work.

Google Invests $10 Billion in Gujarat’s New Smart City

American tech giant Google is set to open its global fintech operations centre in Gandhinagar after investing $10 billion in Gujarat International Finance Tech-City (GIFT). The announcement came after Google CEO Sundar Pichai met Indian Prime Minister Narendra Modi in Washington DC. The venture would be big push for the GIFT City which looks to become the next global fintech hub.

While announcing the global fintech centre, Pichai emphasised on cementing India’s fintech leadership thanks to technologies such as UPI and Aadhar. The GIFT City is a fast-growing financial hub with at least 35 entities and two international stock exchanges trading an average volume of $30 billion daily.