India’s largest lender, the India’s state bank (SBI) (Nasdaq: SBKFF), establishes a dedicated device to manage project financing for growth industries such as Artificial intelligencee-commerce and financial technology (Fintech), according to Ashwini Kumar Tewari, an CEO of the bank.
According to a Bloomberg ReportThe bank aims to complete the initiative within one year and will recruit specialized professionals to manage the unit. In addition, Tewari said that the bank is hiring an external consultant to help in the project.
The new unit, called the “Center of Excellence for Project Financing,” will focus on these sectors and share valuable insight with other financial institutions, Tewari added.
This new initiative will expand the extent of SBI’s project financing and structural department, which traditionally focuses on evaluation, structuring and financing of large infrastructure projects. As lending to newer industries and Sector for renewable energy Continues to grow, these areas are becoming an increasingly important part of SBI’s project finance portfolio.
Emerging technology to increase the bank, economic growth
India integrates AI over sectors to utilize new techniques to achieve its Viksit Bharat Goal in 2047. With 1.4 billion people – almost 18% of the global population– the economy of the world’s most populous nation is set to dominate the global economic landscapemaintain its status as the fastest growing large economy in the coming two financial years.
According to a report from PriceWaterhouseCoopers (PWC), entitled “Viksit Banking – a roadmap for the Indian banking sector for 2047,” While the Indian federal government works with infrastructure and broadening of bank access, the supervisory authorities should focus on innovation and address the challenges of adopting new technology, for example blockchain and Generative AI (Genes).
“The Future of the Banking Sector Looks Promising, With Many Banks Already on their Transformation Path, Emphasing Digital Solutions, Innovation, and Impact-Driven Initiates. However, Much Temins to Be Done for the Sect. and banks need to formulate clear strategies to become key enablers of growth akross various sectors, “Pwc’s Report Stated.
“The growth of the Indian banking system is largely driven by the adoption of digital technology, developed Digital public infrastructure (DPI) and government initiatives, ”added the report.
2024, India’s Prime Minister Narendra Modi mentioned to New technology such as AI and blockchain has completely changed banking methods.
“In such a situation, we must think about the changes that will be required in the country’s banking sector and its structure. We may need new financing, operating and new business models,” Modi said as he spoke 90th anniversary Celebration of India’s reserve bank (RBI).
Bank of Baroda, a leading public bank in India, has launched An innovative, generative AI-driven Virtual Relationship Manager (VRM) to improve the digital customer service experience. A relationship manager usually offers customers personal advice on investment options and banking services.
This groundbreaking initiative in the Indian banking sector aims to help customers by offering real -time information about the bank’s products and services while identifying specific customer needs. In addition, it will support customers with significant bank details such as receiving bank statements, requesting checkbooks, ordering debit cards and generating interest certificates. VRM is designed to interact in several languages and is available through various communication methods, including video, audio and chat interfaces.
According to India’s economic survey 2024-2025India’s rapid technical progress, especially in AI, blockchainAnd data analysis creates new opportunities to revolutionize traditional financial services and operations.
AI and large language models (LLMS) has improved customer service through interactive chatbots and personal experiences, while blockchain enables safe, transparent and effective transactions. In addition, changing consumer behavior and increasing expectations-driven by digital knowledgeable individuals and increasing demand for adapted, seamless and practical financial solutions-motivates established companies and new participants to innovate to remain competitive.
“Now the world in the artificial intelligence (AI) -driven digital age, driven by decreasing data storage and processing costs, greater availability and connection. These innovations can lead to higher automation and often improve human decision -making speed and accuracy when properly handled to reduce the risks,” they are ” Investigation said.
“The use cases for AI and Machine Learning (ML) Applications Of banks in India varies across areas such as credit insurance, regulation of capital planning, liquidity management, fraud discovery and prevention, risk assessment and management, portfolio optimization, pricing models and chatbots, the survey.
In order for artificial intelligence (AI) to work properly within the law and thrive on growing challenges, it must integrate a corporate blockchain system that ensures data input quality and ownership – which makes it possible to keep data secure and at the same time guarantee data impossible. Check out COINGEEK’s coverage on this new technology to learn more Why Enterprise Blockchain will be the spine in AI.
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