top of page

The Use Of Artificial Intelligence In Bank Lending Decisions: Bias,Fairness, And Regulation


Vashita Ahuja, OP Jindal Global University


ABSTRACT:


This paper will provide an overview of how AI is used in bank lending decisions and how it has benefited the sector.


There would be discussion on how AI can have a bias such as algorithmic bias and also violate several anti-discrimination laws in the same way. We will be looking at various case studies focusing on India and the US and how there have been instances where the existing legal and ethical standards are infringed (focus on bias in microfinance lending- Zest Money/Rupifi; Apple card gender bias controversy-Goldman Sachs in US).We will also look into the specific regulatory norms that have been proposed in United State and European Union to deal with this along with analyzing the case studies with them. The paper will also explain what these countries are doing to help find solutions in this aspect and how the regulatory bodies in these countries have addressed these issues.



Indian Journal of Law and Legal Research

Abbreviation: IJLLR

ISSN: 2582-8878

Website: www.ijllr.com

Accessibility: Open Access

License: Creative Commons 4.0

Submit Manuscript: Click here

Licensing: 

 

All research articles published in The Indian Journal of Law and Legal Research are fully open access. i.e. immediately freely available to read, download and share. Articles are published under the terms of a Creative Commons license which permits use, distribution and reproduction in any medium, provided the original work is properly cited.

 

Disclaimer:

The opinions expressed in this publication are those of the authors. They do not purport to reflect the opinions or views of the IJLLR or its members. The designations employed in this publication and the presentation of material therein do not imply the expression of any opinion whatsoever on the part of the IJLLR.

bottom of page