The Present and Future of AI Usage in the Banking and Financial Decision-Making Processes within the Developing Indian Economy

In course of this paper, the authors have soght to  examine  the  extent  to  which  technology  based  on  artificial  intelligence (AI) have made inroads into the banking and financial sectors  of  a  developing  economy  like  India.  The  paper  begins  with providing a contextual background to the adoption of such technology  in  the  global  financial  arena.  It  then  proceeds  to  identify and categorise the forms of AI currently being used in the Indian financial sector and also considers the different channels of operation where such technology is in vogue. The advantages of using such technology and the future goals for integrating the same in the concerned sector have also been discussed. The paper then  proceeds  to  refer  to  the  various  regulatory  norms  already  or  potentially  applicable  to  the  areas  where  the  technology  is  currently  being  used  to  explore  solutions.  Finally,  it  concludes  with a series of concerns voiced in regard to the adaptability and sustainability of such technology within the financial sector of a developing  Indian  economy,  and  also  recommendations  for  the  road ahead.