India's central bank governor Sanjay Malhotra called on lenders to accelerate artificial intelligence adoption. Banks must invest in technology infrastructure and workforce training to keep pace with AI advancement.
Reserve Bank of India Governor Sanjay Malhotra issued the directive Tuesday, urging the country's banking sector to prioritize AI investment across multiple fronts.
The push requires three key actions: increased capital allocation for AI technology, upgraded digital infrastructure, and employee upskilling programs. Banks must equip staff with the skills needed to implement and manage AI systems effectively.
Malhotra's statement reflects growing recognition that AI adoption is critical for competitive banking operations. The technology can improve efficiency, reduce costs, and enhance customer service capabilities.
India's banking sector has begun exploring AI applications including fraud detection, credit risk assessment, and customer service automation. However, many institutions lag behind global peers in systematic deployment.
The regulatory pressure signals the central bank views AI as essential infrastructure for modern banking, rather than optional enhancement. Lenders face implicit expectations to move beyond pilot projects toward comprehensive integration of AI across operations.
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