The Role Of AI In Creating an Inclusive Credit Underwriting Policies

Are the current credit underwriting policies not inclusive? They may not be, as these policies are drafted by human beings, like you and me, who are inherently biased and therefore prone to making rules that may discriminate against certain individuals or communities without the intention to do so. To address this issue effectively, the federal law in the US makes it illegal for a lender to deny credit or offer different terms based on protected traits like race, color, or religion. But do we have the same rules in India? As of today, we, unfortunately, don't have any such specific regulations in place.