04-07-2025
‘AI, green finance to redefine banking sector'
Artificial Intelligence (AI) and green finance would be pivotal in redefining India's banking sector said Anand Sinha, Former Deputy Governor, Reserve Bank of India (RBI) in his keynote address at the 15th Annual Banking & Finance Conference organised by IMC Chamber of Commerce and Industry in Mumbai on Friday.
He said AI would strengthen digital infrastructure, enhance rural financial inclusion and bolster operational efficiencies across the banking ecosystem.
Calling attention to the climate crisis, he highlighted that unchecked climate risks could potentially cost India 3%–10% of its GDP annually by 2100.
'Initiatives such as the Green Hydrogen Mission, National Solar Mission, and issuance of Sovereign Green Bonds are commendable steps,' he added, noting the RBI's proactive regulatory efforts, including the promotion of green loans, climate risk disclosures, and green deposits would help.
Sanjaya Mariwala, President, IMC, said to harness India's rapid strides in digital finance, it was important to address the systemic challenges that persists.
