The main objectives of the study are: 1. AI/GenAI market assessment and scoping: Performing a detailed analysis of the Indian financial sector’s AI landscape; identifying priority applications and use cases; and flagging relevant risks; through a comprehensive market assessment; with a focus on (a)MSME finance (across key areas such as market readiness; regulator framework; data infrastructure; technology; skills; governance; and strategy) AND (b) responsible AI practices for FIs.2.Help evaluate current level of AI/GenAI adoption; identify challenges; and explore opportunities where FIs can derive immediate value as well as longer term opportunities. Relevant global examples and case-studies to be included. 3.Provide recommendations/inputs on existing AI/GenAI solutions - to strengthen IFC's existing FIG advisory offerings and develop toolkit(s).