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

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In an official notification, the central bank said the committee will submit its report within six months from the date of its first meeting. The committee will assess the current level of adoption of AI in financial services,
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.

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