More Stories

Informist, Friday, Jan. 24, 2025

MUMBAI – The Reserve Bank of India's Unified Payments Interface-like digital public infrastructure in the lending space, Unified Lending Interface, has disbursed 750,000 loans aggregating to INR 380 billion since August 2023 in the pilot, Suvendu Pati, chief general manager at the central bank, said at the 20th Banking Technology Conference Friday.

Pati said banks should have a dedicated innovation vertical. "Think of technology 10 years ahead and not for the immediate future," he said. Pati added that innovation is needed on the collection side as well.

"I can announce that shortly we are going to engage with banks only to generate ideas for innovation. So I take this opportunity to ask entire teams to come up with proposals which can lead to resolution and solution. So we will engage shortly and that would just be free and to ideate," he said.

Pati said banks are currently using artificial intelligence on low risk and manageable segments such as customer engagement. This needs to change and banks should use AI in more sensitive areas such as classification and identification of frauds.

He said the committee set up by the RBI at the December meeting of the Monetary Policy Committee to formulate a framework for responsible and ethical enablement of AI will submit its report in the next six months.  End

Reported by Kshipra Petkar

Edited by Rajeev Pai

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2025. All rights reserved.