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

India got its first banking robot- Lakshmi- in Chennai, which was launched by Kumbakonam-based City Union Bank. Lakshmi will answer questions on various questions on loans, bounced cheques, account balance, fixed deposit closure, etc, Initially, the robot will answer generic banking related questions posed by customers. However, later it will be integrated with banking systems enabling transactions.

Named after the Hindu Goddess of wealth, the artificial intelligence-powered robot is acting as an on-site bank helper. Lakshmi, who currently speaks in English, gestures, turns around and engages in a very life-like manner in conversations. Unlike most robots her speech is not formal, but more relaxed and casual.

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.

Sensitive financial information like account details are displayed discreetly on the robot's screen and not voiced. "Lakshmi only talks out loud on generic subjects. If you visited our branch with your girlfriend, she won't embarrass you by showing your low account balance," joked its CEO.

The humanoid has been developed at an estimate cost of Rs 7-8 lakhs and can do the work of three to four persons. If the pilot project is successful, the City Union Bank plans to deploy around 25 robots in its branches by the year-end.