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


Reserve Bank Innovation Hub (RBIH) has joined hands with IIT Madras Research Park (IITMRP) and IIT Madras Incubation Cell (IITMIC) to introduce voice-banking solutions to eliminate language barriers across the country, a report said.


The initiative of RBI and IIT Madras aims at conducting basic banking transactions through voice-controls in Hindi, Tamil, Telugu and English, in the initial stage. Voice-banking will assist the illiterate and the visually impaired in their banking needs.

State Bank of India (SBI), Axis Bank, Kotak Mahindra and IDFC First conducted a codefest on voice-banking called ‘Vaulter Voice’ at the IIT Madras Research Park. Young professionals, start-ups and students took part in the codefest to showcase the potential of voice-banking services.

From the registrations received, IITMRP has shortlisted nine teams to work on a six-hour codefest for solutions.

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





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