Can RBI's new guidelines regulate the use of AI, without slowing down innovation?
In Focus by The Hindu
00:00
AI in Finance: Opportunities and Concerns
This chapter examines the integration of AI technology in financial institutions, focusing on its applications in fraud detection, credit scoring, and loan approvals, particularly in India. It highlights the potential risks of AI-driven decision-making and the challenges fintech companies face in assessing creditworthiness, emphasizing the importance of human judgment. Additionally, the discussion covers regulatory considerations by the Reserve Bank of India and the necessity for rigorous testing of algorithms to ensure fairness and inclusivity in lending practices.
Transcript
Play full episode
