SBI Chairman announces a new Know Your Agent framework as AI moves from advisory to autonomous execution in banking, detailing identity, authentication, consent, transaction limits, audit trails, and revocation mechanisms.

He envisions SBI moving beyond predictive tools to autonomous technologies capable of independent actions, shifting from automated recommendations to autonomous execution.

The discussion promotes a shift from Know Your Customer to Know Your Agent as banks adopt autonomous AI agents in financial services.

Accuracy must be consistent at scale with high-quality, reliable decision-making, not merely average performance.

Building trust at scale requires a coalition of regulators, banks, fintechs, and tech firms, leveraging digital public infrastructure to enable intelligent inclusion and nationwide financial services.

Scaling AI in banking will raise costs and risks, necessitating affordable computing power and robust cybersecurity as adoption grows.

There is a risk of an AI-versus-AI environment where autonomous systems trigger cascading actions across connected platforms, underscoring the need for comprehensive identity, behavior, transaction, and real-time risk intelligence.

Agentic AI could democratize financial intelligence through services like voice-based banking and vernacular interfaces, expanding inclusion beyond wealth management clients.

Access without asymmetry means AI should be unbiased and accessible to all customers, broadening financial decision-making to a wider audience.

The next phase enables AI to act on behalf of customers and institutions, potentially democratizing financial decision-making through agentic AI.

RBI’s Monetary Policy Committee is unlikely to raise rates in the October review amid inflation risks and a narrowing India-US rate differential.

The six-member MPC is not expected to hike rates in the upcoming policy review given inflation risks and geopolitical tensions.