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Informist, Thursday, Sept. 10, 2026

 

--SBI Setty: Trust should be embedded in agentic AI models
--SBI Setty: Trust should be embedded in agentic models
--CONTEXT: SBI Chairman CS Setty speaking at Global Fintech Festival 2026

--SBI Setty: Bks should be responsible for deploying agentic AI
--SBI Setty: Next opportunity to make intelligent fncl svcs
--SBI Setty: Fintechs should continue to innovate agentic AI
--SBI Setty:Will take 3-4 mos to deploy funds received under FCNR (B) scheme
--SBI Setty: Don't think FCNR(B) deposits will lead to abnormal lending

 

MUMBAI – Inflows received through foreign currency non-resident (bank) deposits under the Reserve Bank of India's special swap facility between Jun. 8 and Aug. 31 are unlikely to lead to abnormal lending by banks, State Bank of India Chairman C.S. Setty said on the sidelines of the Global Fintech Festival 2026 on Thursday. He said it would take three to four months to deploy funds received under the FCNR(B) deposits scheme. 

 

According to recent data from the RBI, total FCNR(B) deposits mobilised between Jun. 8 and Aug. 31 under the special swap window were $127.23 billion. Under the facility, the central bank is absorbing the entire hedging cost for three- to five-year FCNR(B) deposits through a concessional swap window.

 

SBI, the country's largest lender, had reported a net profit of INR 211.21 billion for the June quarter, up over 10% on year, and a net interest income of INR 469.92 billion. At 1257 IST, its shares were at INR 1,006.40 on the National Stock Exchange, up 0.6% from Wednesday.

 

In his keynote address at the event on Thursday, Setty said routine, high-volume, data-intensive activities could be handled by artificial intelligence, while complex, high-risk financial decisions continue to receive appropriate human oversight. "My optimism about AI is accompanied by an equally strong sense of responsibility."

 

However, AI could also amplify the consequences of a mistake, he said. "This is why I believe trust cannot be added, but should be embedded in our agentic-AI models," Setty said. Banks should be responsible for deploying agentic AI, he said. 

 

Setty said agentic-AI would require a coalition for it to be trusted. "Government and regulators will have to ensure that innovation happens within a framework that protects the customer and the stability of the financial system. Banks will have to become responsible deployers of this technology."

 

Hand-in-hand, fintechs should continue to innovate and build the brains and capabilities, Setty said. "India's experience has taught us that the biggest digital transformation happens when an entire ecosystem builds infrastructure that everyone can trust."

 

Setty said the banking industry has already shown that digital financial infrastructure can serve a billion people. "The next opportunity is to make intelligent financial services available to a billion people. I believe this is India's opportunity to move from digital inclusion to intelligent inclusion," he said.  End

 

US$1 = INR 95.35

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by J. Navya Sruthi and Kabir Sharma

Edited by Avishek Dutta

 

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