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.