"The development of full artificial intelligence could spell the end of the human race. It would take off on its own, and re-design itself at an ever-increasing rate." These words spoken by renowned physicist Stephen Hawking in 2014 hinted at the transformative potential of AI, sparking both excitement and concerns.
As per Reserve Bank of India’s (RBI) financial stability report, the Indian banking system encountered approximately 6,500 incidents of fraud worth ₹30,000 crores in the year 2019 alone. The lack of due diligence in loan disbursal and credit defaults are the primary contributing factors to these frauds.