AI applications are significant in India's economic development.AI Applications not only boost economic development but also enhance productivity, product quality, and employee efficiency in the Indian economy, resulting in higher output at lower cost.It helps to make better decisions for manufacturing and supply chains.The research paper focuses on productivity and economic growth.It is estimated that AI will add hundreds of billions to trillions of dollars to India's GDP by 2030-2035.It also reduces costs in the agricultural sector by increasing yields and helps farmers get inputs at fair prices.It also improves customers' experience and awareness, helping them avoid a range of risks and fraud.It also helps with risk assessment and risk avoidance.The research paper also focuses on SBI's contribution to providing digital banking services to customers.State Bank of India (SBI) has made its branches highly hi-tech to offer banking and mobile services through digital channels, enabling consumers to enjoy digital banking facilities smoothly and conveniently, saving time.The branches of SBI also have the capacity to compete with the global financial institutions and fintech platforms.It has also enhanced the security protocols to minimise fraud and ensure transparency, fairness and accountability, thereby increasing customer trust.Finally, the research paper also covers the issues arising from AI Applications and seeks appropriate solutions to address them and reduce associated risks.It provides appropriate suggestions to address the various problems arising from AI Applications in the banking sector.
Prakash et al. (2026) studied this question.