The Reserve Bank of India (RBI) on August 10 said that it will consider conversational payments on unified payments interface (UPI) through artificial intelligence (AI).
“Conversational payments on UPI will enable users to engage in conversation with AI systems to make payments,” RBI Governor Das said at the August 10 MPC deliberations.
The central bank has proposed this measure with the objective to harvest new technology enhancements for users, he added.
Use of AI
Other than this announcement by the central bank, other banks, both private and public, are working closely on their technology using AI and machine learning (ML) tools to expand digital banking services.
Banks in India are increasingly incorporating technology such as AI-backed services in their operations. From using chatbots to partnering with fintech firms, banks are exploring how to include new-age technology.
Also read: Axis Bank may use ChatGPT to talk to customers
For example, the country’s largest private sector bank, HDFC Bank, has its chatbot Eva, which provides customers and non-customers with information about the lender’s banking services.
Axis Bank is also looking at using ChatGPT’s enterprise version for enhancing communication services with customers.
The Standing Deposit Facility rate also retained at 6.25 percent; and Marginal Standing Facility rate, Bank Rate also retained at 6.75 percent.
The country’s largest bank, State Bank of India, in its annual report for FY23 said that it will enhance the use of business analytics, AI and ML in decision-making and operations.
MPC on repo rate
The monetary policy committee (MPC) has on August 10 unanimously voted to leave the repo rate unchanged at 6.5 percent, RBI Governor Shaktikanta Das announced today.
The Standing Deposit Facility rate also retained at 6.25 percent; and Marginal Standing Facility rate, Bank Rate also retained at 6.75 percent.
The MPC has also decided to remain focused on withdrawal of accommodation with preparedness to act should situation so warrant.
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