Assam CM inaugurates India's first AI-powered 'phygital' bank branch
Guwahati, May 16
Assam Chief Minister Himanta Biswa Sarma on Saturday inaugurated India's first AI-powered "phygital" banking branch of Slice Small Finance Bank in Guwahati, describing the initiative as a reflection of Assam's growing readiness to support the future of digital banking and technology-driven investment.
The next-generation banking branch, located on GS Road in Guwahati, combines physical banking services with digital and AI-enabled solutions to improve accessibility, convenience, and financial inclusion.
Officials said the "phygital" branch integrates physical and digital banking through AI-enabled self-service kiosks, paperless cash deposits and withdrawals, and seamless digital onboarding facilities.
Speaking at the inauguration ceremony, Chief Minister Sarma said the new branch represents a significant step towards building a more inclusive financial ecosystem for both urban and underserved communities.
He said the investment by a private Bank aligns with the Assam government's vision of attracting responsible, technology-driven businesses to the state.
"The opening of India's first digital and AI-powered banking branch in Guwahati reflects Assam's readiness in supporting and encouraging the future of Indian banking," Sarma said.
Highlighting the advantages of the new banking model, the Chief Minister said customers would be able to access credit directly through the Unified Payments Interface (UPI) without requiring separate applications.
According to him, the facility would particularly benefit small traders, women entrepreneurs and individuals seeking quick access to working capital through digital platforms.
Sarma said such innovations represented "financial inclusion in its most practical and meaningful form" by extending banking and credit access to people who have historically remained outside the ambit of modern financial systems.
The Chief Minister also reiterated the state government's commitment to creating an ecosystem where businesses can thrive and young people can access new economic opportunities.
He said Assam was steadily emerging as a destination for responsible investments backed by innovation and advanced technology.
The branch is expected to expand access to savings, payments and credit solutions through a growing physical presence supported by robust digital infrastructure.
— IANS
Reader Comments
"Phygital" banking sounds fancy, but let's be honest—how many people in rural Assam have access to reliable internet or even know how to operate these AI kiosks? The government should first ensure basic digital literacy before rolling out such tech. Hope this doesn't become another elite-only facility.
This is truly a game-changer for Assam! Paperless banking and UPI credit access will definitely help small traders and women entrepreneurs like my aunt who runs a tailoring shop in Nagaon. No more long queues and paperwork—this is the future of banking! ✨
Interesting concept. I've seen similar "phygital" branches in Singapore and they work well there. But the key difference is that Singapore has near-universal internet penetration and financial literacy. I hope Assam's government has also invested in training programs alongside this branch. Otherwise, it's just hardware with limited impact.
Good initiative but I'm skeptical. These small finance banks often have limited presence and can vanish overnight. What happens to people's deposits if Slice faces issues? Also, "AI-powered" sounds like a marketing gimmick—most kiosks I've seen in other states are buggy. Let's hope Assam gets a better implementation.
As a young professional in Guwahati, I'm excited! The UPI credit access is a big deal—no more waiting for loan approvals. But I worry about data privacy. With AI handling everything, who ensures our banking data isn't misused? Hope the bank has strong cybersecurity measures. Still, this is a step in the right direction!
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