India's central bank governor calls on banks to adopt AI to address consumer complaints

Reuters

Mon, Mar 17, 2025, 9:30 AM 1 min read

(Reuters) - India's cardinal bank-regulated entities tin leverage artificial quality interior controls to code user complaints connected mis-selling and assertive practices, cardinal slope politician Sanjay Malhotra said connected Monday.

Ninety-five commercialized banks successful India received implicit 10 cardinal lawsuit complaints successful the 2023-2024 fiscal year, Malhotra said.

"With the rapidly increasing lawsuit basal and expanding suite of products, this whitethorn turn if we bash not get our enactment together," helium added.

Financial institutions tin usage AI to analyse ample volumes of information to observe spikes successful issues specified arsenic ATM failures oregon erroneous charges, and person pre-emptive alerts, Malhotra said successful a speech.

AI-driven chatbots and dependable designation tools tin besides beryllium utilized to destruct connection barriers successful a linguistically divers state similar India, Malhotra added.

He besides called for fiscal institutions to put successful quality superior to amended lawsuit work and grievance redressal processes.

(Reporting by Ananta Agarwal successful Bengaluru; Editing by Vijay Kishore)