Rabi Sankar, Deputy Governor, Reserve Bank of India has stated that the path for responsible AI in India’s financial sector is exciting yet deliberate, demanding a phased approach that balances innovation, inclusion and stability. He noted that alongside technological progress, the human element remains central. AI literacy for consumers to understand both the potential and risks of AI will be critical. Just as financial literacy has been a national priority, the coming decade will require a parallel focus on AI literacy, for individuals to engage confidently and safely with these new tools.
The Deputy Governor highlighted that in the short term, the focus needs to be on awareness and capacity building. Financial institutions, technology providers, and regulators must train personnel, strengthen internal governance structures, and introduce initial risk frameworks to ensure that AI deployment is encouraged with focus on safety. Awareness campaigns and workshops can also help smaller institutions and FinTechs integrate AI responsibly.