Axis Bank, India’s third-largest private lender, has hired Namrata Dubashi, a senior executive at McKinsey & Co, as its artificial intelligence (AI) officer to spearhead its AI initiatives. The appointment is part of a broader strategy to prepare the bank for deeper usage of such tools, and makes it one of the first Indian banks to have an AI officer.
Dubashi, who spent two decades at the global consulting firm, joined the bank last week. She will report to Subrat Mohanty, the executive director in charge of banking operations and transformation at Axis Bank.
A spokesperson for the bank confirmed the development in an emailed statement. Meanwhile, Dubashi posted on social media site LinkedIn late on Sunday evening that she has joined the bank’s leadership team to spearhead AI. The hiring is expected to help Axis Bank identify better AI use cases and embed the technology across its entire business, with a team of 50 executives reporting to Dubashi.
Global talent shift
AI officers are already in demand at overseas banks. Bloomberg reported on 15 June that leaders at HSBC Holdings Plc, Commonwealth Bank of Australia, and Lloyds Banking Group Plc started in top AI roles over the past three months. These jobs, the report said, command salaries of about $3.5 million a year.
Rajkamal Vempati, group head of human resources at Axis Bank said in an interview with Mint, “The AI officer will lead a team of about 50 people working on AI, with a mandate that goes beyond building point solutions. The focus is on developing and scaling capabilities across talent, tools and infrastructure, so that AI becomes part of the DNA of every business and function.”
Vempati noted that expectations for an AI officer vary across organizations; some need a builder, while others require someone to shape toolkits or governance. For Axis Bank, she said, AI encompasses both governance and capability, making it essential to find a leader who can unify both areas.
“The role sits at the intersection of technology, data and AI infrastructure, and works closely across these teams to build a cohesive, enterprise-wide AI operating model. We are also putting in place strong governance to ensure our AI deployments are ethical, transparent and aligned with regulatory expectations,” Vempati said.
Banking on AI
As AI becomes ubiquitous, Indian banks are taking the technology more seriously. Moving well beyond boardroom discussions, lenders are now hiring, training employees, and executing concrete projects. For instance, State Bank of India (), the country’s largest lender, plans to deploy AI across proactive risk management, fraud detection, and regulatory reporting.
“Most banks in India have been steadily investing in AI and ML (machine learning) capabilities over the past 2–5 years. However, the last six months have seen a marked acceleration, with both private and public sector banks strengthening leadership teams to drive their AI agendas,” said Upasana Agarwal, practice head and partner (BFSI, fintech, professional services and core private equity) at ABC Consultants, an executive search and recruitment firm.
A report by PwC in January said most are proactively looking to prioritise AI in their strategic vision. While public sector banks continue to navigate the ‘trust gap’—from a governance, risk, and return on investment perspective—they have closely aligned themselves to the government’s mandates of digital-first banking and are now moving towards AI-led banking, it said.
Axis Bank plans to leverage AI to boost profitability. In April, managing director and chief executive Amitabh Chaudhry told analysts that the bank expects AI to “drive meaningful bottom‑line impact over the next 18-24 months.”
To achieve this, the bank recently took a delegation of more than 30 senior leaders to Silicon Valley to engage with large AI players and enterprise-focused startups. Vempati said the intent is not just to keep pace with changing technology, but to bring those learnings back and embed AI as a core capability across the bank.
“AI is a significant capability, and as a legacy organization, we recognise the need for someone to anchor and keep us honest on this journey. At the same time, this cannot sit with one individual. Everyone has a role to play,” she said.
According to Vempati, implementation is embedded in the key responsibility areas (KRAs) and appraisals of Axis Bank leaders. “Our top leaders are each working on 5 to 10 AI projects, with the expectation that they spend about 20% of their time on these initiatives and demonstrate tangible outcomes.”