Artificial Intelligence (AI) and Machine Learning (ML) have emerged as the most significant technologies of our times and are increasingly being used across businesses and industry sectors. Agaist this backdrop, banks and financial institutions are exploring tools based on AI to transform various facets of their business. These tools are expected to bring in process automation, cost efficiencies, improved decision making, product innovations, and enhanced customer experiences. This paper discusses various banking use cases and techniques, including the AI initiatives being pursued by Indian banks. Major focus areas for application of AI/ML in banking are - financial crime and compliance management, customer insight and relationship management, credit risk, and customer service. © 2021 IEEE.