FinMin tells PSBs to explore AI-powered collab in tech, HR training

A senior banking official said PSBs spent on technology upgrade in artificial intelligence and machine learning individually, which piled up the cost

In a first, the finance ministry has asked public-sector banks (PSBs) to explore resource sharing and collaboration in implementing emerging technologies such as account aggregators and generative artificial intelligence to enhance their operational efficiency and customer experience.

In the performance-review meeting of PSBs, chaired by Union Finance Minister Nirmala Sitharaman earlier this week, the government-owned banks were told to explore collaboration in human resources (HR) training and use technology to offer services that were made to measure and reduce cost.

“Process automation should happen across every domain — digital back office, automation of branch-facing roles etc,” a senior finance ministry official told