Author(s): Rajender Kumar and Bhoomika Garg
For inclusive growth and sustainable development of people mainly from rural & backward area and their empowerment, there is a need to provide an environment to access quality services from financial institutions in India. While traditionally banking system cannot reach to all people through a ‘brick and mortar' model, new and advanced banking technology which currently based on artificial intelligence has enabled financial inclusion through branchless banking with different type of new services for financial inclusion. By using artificial intelligence in banking sector, banks have a cost-effective and efficient solution to provide access to services to the financially excluded people of India. Artificial intelligence improves the accessibility and affordability of formal financial services to the underbanked population where these services cannot be provided easily either due to demand side constraints or supply side constraints of financial inclusion. This paper aims to examine the use of Artificial Intelligence to achieve the goal of financial inclusion in India. The paper offers an overview of real-time instances of AI technologies that can be used to remove obstacles to financial inclusion in several nations specially with respect to developing countries like India. The study used modest techniques of research to offer theoretical insights into the function of AI in fostering financial inclusion.