India seeks AI to revolutionize finance following digital payments growth

India has transformed its financial infrastructure over the past decade, with its domestic real-time payments system revolutionizing transactions for millions. Now, the government and private sector are integrating AI into financial services to enhance efficiency and security. NITI Aayog, the policy think tank, states AI could drive financial inclusion and innovation. Dr. Ramesh Chand, head of the financial technology division at NITI Aayog, said, 'AI will enable smarter financial services that are more accessible and secure.' The push for AI follows significant growth in digital payments, with over 3 billion transactions annually. The government plans to invest heavily in AI R&D, focusing on fraud detection and personalized financial advice. Private sector players are also investing in AI to stay competitive. Priya Sharma, CEO of a leading fintech firm, said, 'The integration of AI into finance is not just a trend but a necessity for sustainable growth.'