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RBI Sets Up 8-member Committee To Recommend Framework For Ethical AI In Financial Sector

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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 committee will submit its report within six months from the date of its first meeting, RBI said in a statement Thursday.
The Reserve Bank of India (RBI) has established an eight-member committee tasked with developing 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 M. Rajeshwar Rao, includes experts from various fields such as AI ethics, data privacy, and financial regulation. Their mandate includes defining principles for responsible AI usage, suggesting governance frameworks, and ensuring that AI applications in finance are transparent, fair, and accountable. This move reflects RBI's commitment to fostering innovation while safeguarding consumer interests and maintaining systemic stability in the financial ecosystem.

Read the Full Businessworld Article at:
[ https://www.businessworld.in/article/rbi-sets-up-8-member-committee-to-recommend-framework-for-ethical-ai-in-financial-sector-543177 ]