Archive · 19 Aug 2026
RBI Deputy Governor Calls for Inclusive, Trustworthy Banking AI
A senior Reserve Bank of India official said banks should use artificial intelligence to help more people access financial services.
He said AI should not only make banking faster or cheaper.
It could help banks find people who deserve loans but do not have a normal credit history.
Banks could look at information such as utility payments, tax filings and cash flows.
However, computers should not make every important decision alone.
People at banks must remain responsible for decisions supported by AI.
Customers should know when an automated system is being used.
They should also be able to ask a person to review important decisions.
Murmu said trust is very important for the future of banking.
RBI Deputy Governor Shirish Chandra Murmu urged banks to use AI to expand financial inclusion, not only improve efficiency.
He said AI and alternative data could help identify deserving borrowers without traditional credit histories.
Suggested data sources include cash flows, GST filings, utility payments, mobile usage and geospatial information.
Murmu warned that human judgment, governance, oversight and risk management must remain central to AI-assisted decisions.
He said customers should be told when AI is used and given access to human review for significant decisions.
- Who
- Reserve Bank of India Deputy Governor Shirish Chandra Murmu and Indian banks.
- What
- Murmu urged banks to deploy AI to expand financial inclusion while maintaining human accountability, transparency and customer trust.
- When
- August 19, 2026.
- Where
- At the CNBC-TV18 Banking Transformation Summit.
- Why
- To identify underserved and deserving borrowers, improve access to formal credit and ensure responsible use of AI in banking.
- Speaker
- Shirish Chandra Murmu, Deputy Governor of the Reserve Bank of India
- Event
- CNBC-TV18 Banking Transformation Summit
- Main message
- AI should expand financial inclusion, not merely improve banking efficiency
- Potential data sources
- Cash flows, GST filings, utility payments, mobile usage and geospatial information
- Required safeguards
- Human judgment, governance, oversight and risk management
- Customer protections
- Disclosure of AI use and access to human review for significant decisions
- Banking-sector assessment
- Murmu described Indian banks as well-capitalised, profitable and resilient