Overview

• Speaking at the Global Fintech Fest on October 7, Sankar called AI a dual‑narrative technology that could pose unprecedented threats if left unattended.
• He outlined mandatory safety‑by‑design checks and highlighted the RBI’s 5Ts principles of Trust, Transparency, Training, Technology for Good, and Togetherness.
• The RBI Innovation Hub’s MuleHunter.ai has been deployed in about 20 banks to spot mule accounts, with claims of higher accuracy and fewer false positives than rule‑based systems.
• August’s FREE‑AI framework now guides Indian banks on responsible deployment, with expectations for explainability, bias testing, stress‑testing, and strong data governance.
• Experts say adoption will be phased and human‑centred, using AI to aid staff, expand credit via consent‑based alternative data, and drive reskilling, while the outlook for job displacement remains uncertain.