RBI gov asks banks to leverage advanced techs

MUMBAI, JUL 14 (PTI): RBI Governor Sanjay Malhotra on Tuesday asked banks to leverage advanced technologies, including AI, to expand their reach while ensuring robust cybersecurity and safeguards against fraud and data misuse.
Addressing the half-yearly meetings with managing directors and chief executive officers of public and select private sector banks, the governor also urged the lenders to continue to meet the needs of all segments and sections of the economy with renewed vigour and prudence.
In his opening remarks, Malhotra acknowledged that the banking sector has witnessed broad-based growth and urged the banks to continue to meet the needs of all segments and sections of the economy with renewed vigour and prudence. He suggested banks to leverage advanced technologies, including AI.