RBI to set up 8-member committee to develop framework for ethical use of AI
A file image of the insignia of the Reserve Bank of India (RBI) (AT Photo)
Mumbai, Dec. 27: An eight-member committee will be set up to develop a framework for the ethical use of artificial intelligence, the Reserve Bank of India announced on Thursday.
The committee will develop a framework for responsible and ethical enablement of artificial intelligence (FREE-AI) in the financial sector.
Headed by IIT Bombay professor Pushpak Bhattacharyya (Department of Computer Science and Engineering), the panel will assess the current level of adoption of Al in financial services, globally as well as in India.
It will also review regulatory and supervisory approaches on AI with focus on the financial sector globally.
The panel will also identify potential riRBI to set up 8-member committee to develop framework for ethical use of AIsks associated with AI, if any, and recommend an evaluation, mitigation and monitoring framework and consequent compliance requirements for financial institutions, including banks, NBFCs, fintechs, PSOs, etc.
The committee will recommend a framework including governance aspects for responsible, ethical adoption of AI models/applications in the Indian financial sector, the RBI said.
The panel will submit its report within six months from the date of its first meeting, the RBI said.
- With inputs from news agencies