RBI wants AI to be responsibly harnessed; not to be seen as a risk: Sanjay Malhotra

AI can bring to lending, what UPI did to payments: RBI governor

RBI Governor says AI can transform lending like UPI did payments, cutting costs 5% and expanding credit via alternative data (GST, utility bills) for gig workers. Banks must adopt AI governance with explainability and board oversight; RBI signals stricter scrutiny of algorithmic bias and vendor dependence in credit.