RBI and IIT Madras Collaborate to Introduce Voice-Banking Solutions to Eliminate Language Barriers

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A report said Reserve Bank Innovation Hub (RBIH) has teamed up with IIT Madras Research Park (IITMRP) and IIT Madras Incubation Cell (IITMIC) to provide voice banking solutions to remove language barriers across the country.

initiative RBI IIT Madras aims to conduct basic banking transactions through voice controls in Hindi, Tamil, Telugu and English at the initial stage. Voice banking will help the illiterate and visually impaired with their banking needs.

State Bank of India (SBI)And Axis bankIIT Madras Research Park, Kotak Mahindra and IDFC First conducted a test coded on voice banking called “Volter Voice”. Young professionals, startups and students participated in a joint competition to showcase the potential of Voice Banking services.

From the entries received, IITMRP selected nine teams to work in a six-hour code competition for solutions.

In a report, Ashok Jonghunwala, President of IIT Madras Research Park, said the pilot project should be available within 12 to 18 months.