On July 01, 2021, Arun Jaitley National Institute of Financial Management (AJNIFM) made a strategic partnership and signed a Memorandum of Understanding (MoU) with Microsoft to build a Centre of Excellence at AJNIFM, enabled with AI (Artificial Intelligence) and emerging technologies.
- The partnership mainly intends to transform the public finance management, expenditure management in India and prevent revenue leakages and money laundering by exploring the role of cloud, AI, and emerging technologies.
Focus of the Partnership:
i.Centre of Excellence: To develop a Centre of Excellence at AJNIFM to incorporate the ideas of AI in finance management across key associated ministries of AJNIFM. It will serve as a central body for research(AI-based) and tech-led innovation.
ii.They will organize strategic knowledge-sharing workshops and develop research papers along with industry experts to analyse the role of cloud, data and AI to reform public finance management.
iii.Upskilling: Capacity building program will be formed to skill the developers at AJNIFM and senior government officials (from ministries, government departments, and financial institutions), in data engineering, data sciences, AI, and machine learning etc.
iv.A strong ecosystem of partners will be created in which Microsoft will engage with ecosystem partners, academia, (MSMEs) and ISVs to build customized solutions based on priority scenarios.
v.AJNIFM and Microsoft will jointly explore use cases of emerging technologies in finance and related areas, across central and state ministries and public sector enterprises.
Recent Related News:
The Ministry of Tribal Affairs (MoTA) virtually signed an MoU with Microsoft during the virtual event ‘Empowering Youth for Success’ for digital transformation of Tribal schools such as Eklavya Model Residential Schools (EMRS), Ashram Schools, and other schools under MoTA.
Headquarters – Redmond, Washington, USA
CEO – Satya Nadella
About Arun Jaitley National Institute of Financial Management (AJNIFM):
Establishment – 1993, as a registered society under Ministry of Finance, Government of India.
Headquarters – Faridabad, Haryana
President of AJNIFM Society – Union Finance Minister (Current – Nirmala Sitharaman)