Poonawalla Fincorp Limited (PFL), a non-banking financial company (NBFC) under the Cyrus Poonawalla Group, has launched an AI-powered underwriting solution developed with IIT Bombay. The system blends artificial intelligence with human expertise to enhance credit evaluation and speed up decision-making processes.
At 11:02 am today, PFL’s shares were trading at ₹349, up by ₹14.20 or 4.24 per cent on the NSE. The solution leverages Large Language Models and Machine Learning to automate credit decisions while ensuring human oversight. PFL anticipates this technology will improve credit managers’ productivity by 40 per cent in retail lending.
“At Poonawalla Fincorp, we fully respect and understand the transformative impact of AI in reshaping the credit landscape,” said Arvind Kapil, Managing Director & CEO of Poonawalla Fincorp.
Dr. Pushpak Bhattacharyya from IIT Bombay highlighted that the collaboration showcases the potential of industry-academia partnerships in solving real-world business challenges.
PFL intends to develop the current AI system into a self-learning model, incorporating deep learning algorithms for autonomous decision-making and ongoing system enhancement.
The Pune-based company operates in 18 states and 2 Union Territories, with Assets Under Management (AUM) of ₹30,984 crore as of December 31, 2024. PFL provides various financial services, including pre-owned car financing and personal, consumer, and business loans.
