FREE of AI in financial sector: 'Potential risks... ' - RBI forms 8-member panel; here's why

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FREE of AI in financial sector: 'Potential risks... ' - RBI forms 8-member panel; here's why

//science-technology.news-articles.net/content/2 .. l-risks-rbi-forms-8-member-panel-here-s-why.html

Published in Science and Technology on Thursday, December 26th 2024 at 7:22 GMT by MSN

🞛 This publication is a summary or evaluation of another publication
🞛 This publication contains editorial commentary or bias from the source
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The Reserve Bank of India (RBI) has established an eight-member panel to explore the potential risks associated with the use of Artificial Intelligence (AI) and Machine Learning (ML) in the financial sector. This initiative comes in response to the growing integration of AI technologies in banking and finance, which, while offering numerous benefits like enhanced efficiency and personalized services, also introduces significant risks such as data privacy issues, algorithmic biases, and potential systemic vulnerabilities. The panel, led by RBI's executive director, aims to assess these risks comprehensively and recommend regulatory frameworks to mitigate them, ensuring that the adoption of AI in finance does not compromise financial stability or consumer protection. The formation of this panel underscores the RBI's proactive approach to managing the challenges posed by technological advancements in the financial landscape.

Read the Full MSN Article at:
[ https://www.msn.com/en-in/money/topstories/free-of-ai-in-financial-sector-potential-risks-rbi-forms-8-member-panel-here-s-why/ar-AA1ww7o9 ]