AI Essential For Banking But Human Judgement Remains Key Says RBI Deputy Governor
· Business · Indian Express, LiveMint
Reserve Bank of India Deputy Governor Shirish Chandra Murmu stated in Mumbai that artificial intelligence is essential for expanding credit access and understanding new borrowers. Speaking on Wednesday, Murmu emphasised that human intervention remains indispensable for identifying model loopholes and assessing vulnerable groups. He noted that banks should avoid treating a lack of borrower information as adverse data when evaluating credit. Murmu also highlighted RBI initiatives such as MuleHunter.ai and the Digital Payments Intelligence Platform to combat collective digital fraud risks.
Why it matters
Commercial banks must balance automated lending capabilities with strict human oversight to prevent credit exclusion and systemic fraud.
Read the original report — Indian Express
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