From Claude to Daybreak: What’s next for AI policy in finance?
In this blog, we trace the emerging contours of India’s domestic approach to governing AI in finance and identify the priorities that should shape the next phase of policy thinking, in light of alarm bells triggered by Mythos, and OpenAI’s cybersecurity initiative, Daybreak.
Mitigating AI-related harms in finance: From model governance to systemic resilience
The growing prominence of Responsible and Trustworthy AI (RTAI) frameworks reflects increasing recognition of these harms. Contemporary RTAI approaches recommend safeguards across the lifecycle of AI systems to ensure explainability, transparency, contestability, auditability, and human oversight, while reducing the potential for bias and discrimination.
Comments on Draft Amendment Directions on ‘Conduct of Regulated Entities in Recovery of Loans and Engagement of Recovery Agents’, dated 20th May 2026
The Draft Amendments provide detailed guidance to relevant regulated entities (REs) on the loan recovery process, including mandatory certification for recovery agents, safeguards against harassment, grievance redressal mechanisms, and compensation for wrongful use of technology-based mechanisms.
Methodological Concerns in Measuring Microfinance Outcomes
This is Part 3 of a 3-part series on the recently released NCAER-MFIN report, “Assessing the Effectiveness of Regulated Small Borrowing in India”. In this blog, we examine issues related to measurement and empirical strategy.
Microfinance Beyond Lending: Looking at Emerging Claims
This is Part 2 of a 3-part series on the recently released NCAER-MFIN report, “Assessing the Effectiveness of Regulated Small Borrowing in India”. In this blog, we turn to some of the broader claims advanced in the report regarding the wider benefits of microfinance and assess whether these claims hold up when situated in a broader empirical context.
What is Actually Happening in the Microfinance Sector?
This is Part 1 of a 3-part series on the recently released NCAER-MFIN report, “Assessing the Effectiveness of Regulated Small Borrowing in India” (March 2026).
Submission to International Finance Corporation (World Bank Group) for the inclusion of risks of over-indebtedness and debt distress among microfinance borrowers, in its Environmental and Social (E&S) Framework
In response to the public consultation, we argue that borrower over-indebtedness is a customer protection concern that must be explicitly recognised in the revised E&S Framework.
Comments to the Discussion Paper – Exploring safeguards in digital payments to curb frauds
In this response, we present our comments to the paper. We divide our comments into three sections.
Remedies for digital payment frauds
Static safeguards, targeting discrete acts of fraud, will only spur fraudsters to probe other vulnerabilities
Comments to Draft Reserve Bank of India (Commercial Banks – Responsible Business Conduct) Amendment Directions, 2026, dated 6 March 2026
In this response, we present four recommendations to the Draft Amendments.
