Indian banks adopt AI to drive growth and efficiency

Major Indian financial institutions are increasingly integrating artificial intelligence to drive growth and operational efficiency.

State Bank of India (SBI) Chairman Challa Sreenivasulu Setty announced plans to deploy agentic AI, moving the bank from predictive tools toward autonomous execution. The strategy focuses on three core areas: hyper-personalization for customer engagement, improving employee productivity, and proactive risk management to bolster institutional safeguards.

Similarly, Axis Bank CEO Amitabh Chaudhry indicated that investments in AI and technology may allow the lender to scale its business without a corresponding increase in headcount. While the bank aims to maintain current staffing levels through technology and employee redeployment, Chaudhry noted that new roles will emerge as staff adapt to these emerging platforms. He clarified that the strategy focuses on productivity rather than layoffs, except for underperforming staff.