Economy
RBI Governor Malhotra: AI Can Revolutionize Indian Lending Like UPI
Moneycontrol1h
THE BRIEF
1
RBI Governor Sanjay Malhotra stated on August 11 that Artificial Intelligence could transform the lending sector, mirroring the success of UPI in payments.
2
He urged banks to implement meaningful human oversight, warning that blaming technology for systemic failures or fraud is unacceptable in the modern banking era.
3
The regulator is pushing lenders to accelerate AI investment while maintaining strict compliance to prevent the outrunning of conventional security systems.