An emerging concept in the societal-finance interaction is artificial intelligence (AI). This relates to the idea that intelligent behaviour from computer systems is expected. Artificial intelligence has the capacity to make judgements and solve complex issues in a variety of social contexts without the need for human interaction. In many areas of the societal financial interface, AI is able to make choices and resolve challenging problems without the help of humans. It has prompted a significant societal change in the perspective that uncovers human intellect. There was an underlying assumption that when it came to showing intellect, humans are hierarchically superior to other species of life.
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The concept of artificial intelligence (AI) has been in existence since the 1950s. In the past, individuals held optimistic aspirations regarding the potential triumph of artificial intelligence across various domains of society (Chatterjee S, et al 2020; Gomory RE, et al 2000; Chatterjee S, et al 2011; Garner R, 2005). Artificial intelligence is perceived as a dependable approach for resolving problems without the need for human intervention (Chatterjee S, 2015; Chatterjee S, 2015; Chatterjee S, 2015; Chopra S and White L, 2004; Chopra S, White L, 2011; Chatterjee S, 2015). Artificial intelligence (AI) is commonly perceived as a technology that operates primarily through computer systems, with the ability to efficiently and accurately address a range of complex challenges without human intervention (Chatterjee S., 2015; Chen N., 2018; Chatterjee S.2018). This capability was once believed to be an exclusive attribute of human beings. The utilisation of AI encompasses the examination of data, including personal data, for educational objectives and autonomous decision-making (Chatterjee S, 2018; Chatterjee S.;2017; Brynjolffson E, and McAfee A, 2014; Chace C. Surviving AI, 2015)
The increasing utilisation of AI in various domains of society and industries has led to a proliferation of complex moral and ethical dilemmas that require resolution. The rise of AI has necessitated the establishment of an equitable equilibrium between the potential for swift societal advancement and the safeguarding of personal data privacy, which may otherwise undermine normative societal values (Chatterjee S, 2018, Chatterjee S., 2016; Chatterjee S., 2018; Chatterjee S., 2018; Brown N, Sandholm and T. Superhuman, 2018). The issue of safeguarding privacy has gained renewed impetus in India, particularly following a recent verdict by the country's apex court (Chatterjee S., 2019; Chatterjee S.2019; Chatterjee S. 2019)