The Reserve Bank of India (RBI) has announced its plans to set up a committee to develop a framework for the ethical enablement of artificial intelligence (AI) for the finance sector. The committee, comprising experts from diverse fields, will be tasked to recommend a robust, comprehensive, and adaptable AI framework for the financial sector.
“The financial sector landscape is witnessing rapid transformation, enabled by technologies such as AI, tokenization, cloud computing, etc.,” RBI Governor Shaktikanta Das said in his Monetary Policy statement. Monetary Policy refers to actions taken by a country’s central bank to manage the money supply and influence economic activity.
“In order to harness the benefits from these technologies, while addressing the associated risks such as algorithmic bias, explainability, data privacy, etc., a committee comprising of experts from diverse fields will be set up to recommend a Framework for Responsible and Ethical Enablement of AI (FREE-AI) in the financial sector,” Das explained.
The central …