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RBI Sets Up Committee To Recommend Framework for Ethical AI in Financial Sector


Published on 2024-12-26 10:22:19 - MSN
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  • Reserve Bank of India has set up an eight-member committee, comprising experts from diverse fields, to recommend a Framework for Responsible and Ethical Enablement of AI (FREE-AI) in the financial sector.

The Reserve Bank of India (RBI) has established a committee to develop a framework for the ethical use of Artificial Intelligence (AI) and Machine Learning (ML) in the financial sector. This initiative aims to address the growing integration of AI technologies while ensuring ethical considerations are at the forefront. The committee, led by RBI's Executive Director, will focus on creating guidelines that promote transparency, privacy, security, and accountability in AI applications. It will also explore the potential risks associated with AI, such as bias, data privacy issues, and the need for explainability in AI decision-making processes. The framework is expected to guide financial institutions in adopting AI responsibly, ensuring that these technologies enhance efficiency and customer experience without compromising ethical standards.

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[ https://www.msn.com/en-in/technology/artificial-intelligence/rbi-sets-up-committee-to-recommend-framework-for-ethical-ai-in-financial-sector/ar-AA1wwjP1 ]