RBI's Shirish Chandra Murmu urges safe AI for banking access
Reserve Bank of India Deputy Governor Shirish Chandra Murmu says AI could help widen banking access in India, making things more inclusive and efficient.
But he's clear: tech should come with safeguards, accountability, and human judgment.
Murmu sees a future where banks balance innovation with trust and warns against letting tech run the show without proper checks.
India's Financial Inclusion Index rose to 70
Murmu points out that AI can help spot different economic activities across groups, which means more people can be included in the financial system.
Thanks to wider service usage, India's Financial Inclusion Index jumped from 67 to 70 in just a year.
He also encourages banks to use data like GST filings and utility bills so even those usually left out can get credit and join the formal economy.