Private banks leading AI adoption in banking services, says RBI study

Quick Summary:

The asset size and capital adequacy ratio are influencing the rate of adoption.

AI is expected to make banking services accessible to the population at the bottom of the pyramid, the study said.

While the integration of AI into banking and finance offers immense opportunities, it also presents challenges such as the possibility of bias, lack of transparency, and issues surrounding the ethical use of data.

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Article Details

Category: BusinessFinance

Markets: India

Topics: AI adoption on banks Artificial intelligence Private banks Banks Pvt banks RBI

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-21 @ 21:17:54 (6 days ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 338 words

Reading Time: 2 minutes read

Sentences: 14 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 23157945

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Main Topics: BusinessFinance

Official Website: business-standard.com

Update Frequency: 277 posts per day

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News Last Updated: 2 hours ago

Coverage Areas: India

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