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Why RBI Has Set Up 8-Member Committee To Recommend Framework For AI In Financial Sector

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An 8-member committee has been set up by the Reserve Bank of India (RBI) to recommend a framework for Responsible and Ethical Enablement of AI (FREE-AI) in the financial sector. The committee comprises of experts from diverse fields and will submit its report within six months from the date of its first meeting,

The Reserve Bank of India (RBI) has established an eight-member committee to develop a framework for the use of Artificial Intelligence (AI) and Machine Learning (ML) in the financial sector. This initiative, led by Deputy Governor M Rajeshwar Rao, aims to address the growing integration of AI technologies in finance, focusing on enhancing customer experience, operational efficiency, and risk management. The committee will explore the ethical implications, data privacy concerns, and potential systemic risks associated with AI deployment. It will also look into international practices and suggest guidelines for responsible AI usage, ensuring that AI applications in finance are transparent, fair, and accountable. The committee's recommendations are expected to help in creating a robust regulatory environment that fosters innovation while safeguarding against misuse and ensuring financial stability.

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