AI in Indian banking: RBI Governor, SBI Chairman highlight credit, risk and cybersecurity

AI is set to play a bigger role in Indian banking, with SBI Chairman CS Setty calling for greater focus on farmers and MSMEs. AI could improve farm-level decisions, credit assessment and access to formal lending using data, digital records and satellite imagery.

New Delhi: Artificial intelligence is set to play a bigger role in India’s banking sector, with the focus shifting beyond retail customers to farmers and small businesses. State Bank of India Chairman CS Setty believes that AI could play a pivotal role in enhancing risk management, making more informed decisions at the farm level, and increasing credit access in India’s drive towards a developed nation by 2047.

At a FICCI-IBA event, Setty said that banks have already begun to leverage AI to understand their customers, enhance services, and streamline lending and risk assessments. But the bulk of the adoption of this approach has been in retail banking, due to the volume of data available in retail, reported by Economics Times.

AI can improve credit access for farmers, MSMEs

Setty said the next phase of AI-led banking should reach rural India, small businesses and customers who may not have conventional credit........

© News9Live