RBI deputy governor Murmu calls for focus on meaningful financial inclusion
Banks have to stay responsive to shifts in technology, consumer behaviour, business models and the wider economy, so as to meet changing needs at scale, particularly with the rise of artificial intelligence (AI), he said at in a speech delivered at an event organised by a media company.
Murmu said that though there has been real progress in financial inclusion with the index ring to 70 in March 2026, up from 67 a year earlier the real economic value comes only when consumers can understand the financial choices before them, manage their finances and know their rights and responsibilities.
“Its next phase (financial inclusion) must deepen digital inclusion while ensuring that those who need assistance, or other modes of access, are not left behind. AI has a meaningful role to play here — helping the system recognise capability wherever it is expressed differently, across language, location, livelihood, gender and channel, and using that data prudently to make financial services more accessible,” he said.
He said that banking systems must keep pace with the changing times as today’s volumes may behave quite differently at tomorrow’s scale which calls for timely upgrades: in technology, in processes and in oversight.
“Institutions need people capable of understanding new systems, of challenging models rather than simply trusting them, of overseeing external providers, and of connecting technological change to financial and conduct outcomes. As machines take over more of the routine tasks, what becomes indispensable is human judgement — validating a model, assessing its outcome, and stopping it when it begins to go rogue. And this shift requires institutions to reskill, and to grow their capability,” Murmu said.
Alternative data like cash flows, GST filings, utility payments, e-commerce records, offers a genuine opportunity to bring ‘credit invisibles’ into the formal system with the help of AI, but as adoption of AI increases, banks must retain the judgement, capability and alternative arrangements needed to intervene when systems fail or behave in ways that were not anticipated.“Performance that looks impressive in familiar territory may not carry over into new customer segments, new activities, or changed economic conditions. A model that performs well overall can still fail a small but already vulnerable group,” Murmu said.
He said that interconnection of the financial system delivers real efficiency gains but when several institutions lean on the same data sources or the same infrastructure, a single error or disruption can affect them all together. “Prudence, in such a world, requires effective challenge, limits on undue concentration, and credible alternatives. The intelligence needed here cannot be assembled within any one institution— it has to be pooled,” he said.
