Named After Goddess of Wealth, India's First Banking Robot Debuts

The first banking robot has been named Lakshmi, after the goddess of wealth in Hindu religion.

New Delhi (Sputnik) — Southern states of India are notching up milestones. Kerala became the first to convert its public transport buses to liquefied natural gas (LNG). And now it's neighbor Tamil Nadu has started a pilot project on banking robots which currently communicate in simple English for ease of understanding for the customers.

Named Lakshmi, after the Hindu Goddess of wealth, the artificial intelligence-powered robot is acting as an on-site bank helper.

India: City Union Bank's Latest Branch Recruit Is A Humanoid Robot https://t.co/ImMsVUjqys #AI #banking #fintech pic.twitter.com/iTantSXQbh

— Neira Jones (@neirajones) November 11, 2016

N Kamakodi, Managing Director of City Union Bank said that it took more than six months to develop the robot, which can answer intelligently on more than 125 subjects including interest rates on home loans, deferred payments or possible charges to be incurred on fixed deposit closure. If the pilot project is successful, the bank plans to deploy around 25 robots in its branches by end of this year.

He added: “Apart from answering generic questions, the robot has also been programmed to be connected to the core banking solution. Sensitive financial information like account details are displayed discreetly on the robot's screen and not voiced. So if a customer wants to know his/her bank account details or transaction history, the robot can flash the answer on its display."

It took over six months to develop the robot. It can provide answers on more than 125 subjects. If the pilot project is successful, the City Union Bank plans to deploy around 25 robots in its branches by the year-end.

The humanoid has been developed at an estimate cost of Rs 7-8 lakhs and can do the work of three to four persons.