The Arun Jaitley National Institute of Financial Management (AJNIFM) collaborates with Microsoft by signing a Memorandum of Understanding (MoU) for a strategic partnership to develop an Artificial Intelligence and emerging technologies Centre of Excellence at AJNIFM.

The collaboration demands to explore the role of cloud, AI, and emerging technologies for transforming and shaping the future of public finance management in India. The Centre of Excellence will serve as a central body for research, AI scenario envisioning, and tech-led innovation. 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.

Microsoft would partner closely with AJNIFM to define the future of public finance management in India, providing the technology, tools, and resources to build a strong ecosystem of partners, upskill government officials and build thought leadership.

Both the firms would also work closely on a capacity-building programme for senior government officials in associated ministries, departments, and financial institutions. As part of this skilling effort, public sector officials will be trained on the application of emerging technologies in finance management to address potential risks like money laundering, the use of machine learning models for decision making, the role of responsible tech in finance.

Microsoft will also work closely with its partners, MSMEs, and ISVs to build customized solutions that address the challenges of the sector.