Volume : 10, Issue : 9, SEP 2024

INDIAN FINANCIAL SYSTEMS POWERED BY ARTIFICIAL INTELLIGENCE: AKEY TO ECONOMIC EXPANSION

ASHOK KUMAR

Abstract

A potential engine of economic growth in India might be the banking industry's use of artificial intelligence (AI). The purpose of this research is to examine how banks powered by AI would affect the economy of the country. The study aims to examine the many applications of AI in banking and assess its influence on economic growth. The study delves into the use of AI in several areas, including risk management, fraud detection, relationship building, and process automation. It does this by doing a thorough literature review and analyzing relevant data. Greater efficiency, an improved customer experience, and expanded financial inclusion are just a few of the potential benefits of AI-driven banking that the study evaluates. The results highlight AI's revolutionary potential to promote economic growth in India's banking sector.

Article : Download PDF

Cite This Article

IESRJ

International Educational Scientific Research Journal

E-ISSN: 2455-295X

International Indexed Journal | Multi-Disciplinary Refereed Research Journal

ISSN: 2455-295X

Peer-Reviewed Journal - Equivalent to UGC Approved Journal

Peer-Reviewed Journal

Article No : 25

Number of Downloads : 20

References

1. Government of India, Ministry of Finance. Economic Survey 2024-25. 2025.

2. Korkmaz, D. (2017). Precipitation Titration: Determination of Chloride by the Mohr Method.
https://www.uobabylon.edu.iq/eprints/publication_3_16276_250.pdf.

3. Korkmaz&Korkmaz, 2017. "The Relationship between Labor Productivity and Economic Growth in OECD Countries," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 9(5), pages 71-76. 

4. Kumar R, Garg B. Introduction of AI: A transformative approach to achieve digital financial inclusion in India. Academy of Marketing Studies Journal. 2024;28(6):17.

5. Lokeshwari DV, Shruthi MP, Manjunatha T. Artificial intelligence in financial inclusion: An impact on financial accessibility and efficiency in India. Asian Journal of Management. 2023;16(2):134-138.

6. Maitra, D. R. (2016). An Exploratory Study of Prison Gangs in Contemporary Society. In Harding, S. and Palasinski, M. (eds.) Psychological Perspectives on Youth Gang Behavior, APMHBS Book Series

7. NITI Aayog. Faster AI adoption could add up to $600 billion to India’s GDP by 2025. Economic Times. 2025.

8. Reserve Bank of India. Generative AI set to improve banking operations in India by 46% [Industry report]. RBI; 2024.

9. Salvi P. Analytical study of artificial intelligence integration in Indian banks and its implications for the future of banking and financial services in India. SSRN. 2023.