HT Bureau
GUWAHATI, Oct 9: “Artificial intelligence has moved from the margins to the mainstream, reshaping how we design, deliver, and experience financial services,” said Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director of the National Payments Corporation of India (NPCI), in his keynote address at the 6th Global FinTech Fest (GFF) 2025 in Mumbai.
Speaking on the theme “AI’s Promise and Peril: Building Responsible Intelligence for Inclusive Finance,”
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Choudhary said AI offers vast potential for financial inclusion, efficiency and resilience, but warned of rising risks such as bias, data concentration and systemic dependency.
He noted that global investment in AI across financial services is expected to reach USD 100 billion by 2027, with nearly 80% of institutions already using AI in some form.
Highlighting the transformative potential of generative and agentic AI for fraud detection, compliance and customer engagement, he cautioned that overreliance on a few players controlling chips, cloud and models could threaten economic sovereignty and financial stability.
“Responsible AI is not a slogan—it is the only way forward,” he said, urging collaborative governance and diversification.
Choudhary cited India’s leadership in inclusive digital finance through NPCI initiatives such as UPI, UPI Lite, UPI 123Pay and UPI for Her.
He said NPCI’s federated AI models are helping fight payment fraud while maintaining data privacy.
The corporation, he added, is also expanding global partnerships through NPCI International and building new platforms such as Bharat Connect to standardise online merchant payments.
Calling for a “human-first” approach, Choudhary said, “The true test of AI will be whether it strengthens stability rather than weakens it. If used responsibly, it can widen access, build resilience and make growth more inclusive.”
