Mumbai, July 19 -- After spending the past few years building its artificial intelligence (AI) capabilities in-house, Piramal Finance is beginning to see the payoff, with managing director and chief executive Jairam Sridharan betting on the technology to improve operational efficiency.

The aim is to build AI capabilities internally to keep costs and capital expenditure in check. Piramal Finance has a team of more than 500 software and AI engineers working on the effort.

"The choice we have made is to actually build an organic AI strategy, meaning doing everything in-house, building the models, having our own AI engineers rather than working with external consultants," Sridharan told Mint. "We are trying to use AI to save money, not to s...