India’s fintech ecosystem is entering a transformative phase driven by artificial intelligence (AI), with the potential to redefine financial inclusion, trust, and efficiency, a senior official from the Ministry of Finance said.Addressing the AI-in-Fintech Bharat Conclave in Bengaluru on Friday, Nagaraju M, Secretary, Department of Financial Services (DFS), Union Ministry of Finance, said AI is no longer a marginal technological upgrade but a “horizontal, foundational capability” cutting across payments, lending, risk management, compliance and customer engagement.“When applied responsibly, AI can become a force multiplier for fintech, enhancing scale while deepening inclusion,” he said at the summit, organised by India Fintech Foundation (IFF) and the Unified Fintech Forum (UFF).The official highlighted that India’s strong digital public infrastructure, including Aadhaar, UPI, Account Aggregator, DigiLocker, and the Unified Lending Enterprise, provides a solid foundation for the responsible and scalable adoption of AI.According to Nagaraju, the government views AI as a key catalyst for inclusive growth, fully aligned with national priorities of financial inclusion and digital empowerment.Emphasising trust-centric innovation, he said AI deployment in financial services must be guided by ethics, fairness, transparency, and accountability. “Technological advancement must enhance financial services without compromising consumer safety or systemic stability.” He added that AI should actively… Read MoreYourStory RSS Feed
