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AI to Reshape Payments with Intelligence, Says MIB Official Prabhat

Additional Secretary Prabhat stated that Artificial Intelligence will transform the payments ecosystem by adding intelligence to digital finance, improving governance and customer profiling. He emphasized India's need to develop self-reliant, inclusive "Bharat models" of AI instead of depending on global systems. The official highlighted that the India AI Impact Summit 2026 has raised awareness and established India as a center for global AI discussions. The event gathered global leaders to foster domestic enthusiasm and strategic focus on indigenous AI capabilities.

Key Points: AI to Transform Payments Ecosystem: MIB Official

  • AI to embed intelligence in digital payments
  • Enable better governance and credit risk models
  • Drive self-reliant "Bharat models" for AI
  • Summit positions India as global AI focal point
2 min read

AI to reshape payments ecosystem: MIB Additional Secretary

MIB Additional Secretary Prabhat says AI will embed intelligence in digital finance for better governance, credit risk, and user experience at India AI Summit.

"With AI embedded in finance, it will bring in the intelligence - Prabhat"

New Delhi, February 16

Artificial Intelligence will play a transformative role in reshaping the payments ecosystem by embedding intelligence into digital finance, said Prabhat, Additional Secretary at the Ministry of Information & Broadcasting.

While speaking with ANI at the India AI Impact Summit 2026, "Today, we have digital finance that moves money from one pocket to the other digitally. With AI embedded in finance, it will bring in the intelligence and be able to bring in a better governance model, understand the profile of the customer, whether it is credit risk or lending."

"It will be able to give the right user experience, money on time, money to the right person, and bring in the digital experience not only in terms of customer usage but also in terms of liquidity and enabling and empowering businesses," she said.

Prabhat emphasised the need for India to pursue self-reliance in AI development, noting that many existing AI initiatives rely on global models. Stressing alignment with government objectives, he called for the creation of "Bharat models" inclusive, internally developed AI systems tailored to India's unique needs.

"We need to be self-reliant, independent, and aligned with the government objectives. We also need to build our own internal models, the Bharat models, make it inclusive and make sure that as much as possible we are dependent on ourselves and we do not have too much dependency on the global models," she said.

Highlighting the significance of the summit, Prabhat stated that the India AI Impact Summit 2026 had created widespread awareness and positioned India as a focal point for global AI dialogue.

"The event brought together global leaders while simultaneously fostering enthusiasm, resilience, and strategic focus within India to develop indigenous AI capabilities," she added.

- ANI

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Reader Comments

R
Rohit P
AI in payments sounds promising for fraud detection and faster loans. But my big worry is data privacy. Who controls this data? We need strong laws like a Digital India Act to protect citizens before we embed AI everywhere. The intent is good, but execution is key.
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Aman W
Finally, talk of self-reliance in tech! Jio has shown we can build at scale. If we develop our own AI models for finance, it will create so many jobs for Indian engineers and data scientists. Make in India for AI! 💪
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Sarah B
Interesting perspective from the Indian government. The focus on inclusivity is crucial. In many countries, AI in finance has increased bias. If "Bharat models" can be designed to serve the unbanked and rural populations fairly, it could be a global blueprint.
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Karthik V
Hope this doesn't remain just a summit speech. UPI was a game-changer because of government push and private partnership. Need the same for AI - clear policy, open APIs for startups, and incentives to build. Action please, not just awareness.
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Meera T
As a small business owner, the promise of "money on time" and better liquidity is everything! If AI can streamline invoices and payments between businesses, it will solve a major headache. But it must be simple and affordable for MSMEs like us.

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