Four days after the Prime Minister's Red Fort pledge to train a crore Indians in AI, the country’s banking establishment gathered for the fourth CNBC-TV18 Banking Transformation Summit, presented by Nucleus Software, filled with an understanding that India’s financial ecosystem had crossed a threshold. As the event theme ‘Scaling Bharat: Powering Progress with Responsible AI’ implied, the question was no longer whether artificial intelligence would transform banking. Now, the aim was to articulate a vision for the kind of transformation India would create, who would benefit, and how intelligence would be accompanied by responsibility.

Parag Bhise, Chief Executive Officer and Executive Director of Nucleus Software, opened the proceedings with an idea that became the Summit’s intellectual anchor.“Responsible AI cannot be treated as an additional compliance layer,” he declared. “It must be embedded into the design of the institution.”

A prescription on how to responsibly deal with the unprecedented explosion of computing power came from Shirish Chandra Murmu, Deputy Governor of the Reserve Bank of India, who delivered the keynote speech. He offered a four-tiered framework, in which analytical intelligence of data and models form the building blocks, augmented by human experience and judgment, and the governance intelligence of boards and senior management, to be finally validated by the collective intelligence emerging at the systems level.

The collective intelligence of the banking system certainly plays a key role........

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