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RBI sets up 8-member panel on ethical use of AI
The Reserve Bank has formed an eight-member committee to develop a framework for ethical AI in the financial sector. Headed by IIT Bombay professor Pushpak Bhattacharyya, the committee will assess AI adoption, review regulatory approaches, identify risks, and recommend a framework for ethical AI use. The committee will submit its report within six months.
The Reserve Bank on Thursday announced the setting up of an eight-member committee to 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 AI 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 risks 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.
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