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RBI sets up eight-member panel on ethical use of AI


Published on 2024-12-26 07:22:28 - MSN
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  • MUMBAI: The Reserve Bank on Thursday announced the setting up of an eight-member committee to develop a framework for responsible and ethical enablement of artificial intelligence (FREE-AI) in the financial sector.

The Reserve Bank of India (RBI) has established an eight-member committee to explore the ethical dimensions of Artificial Intelligence (AI) in finance. This panel, led by RBI's Executive Director R. Narayanaswamy, includes experts from various sectors such as AI, law, and economics. Their mandate is to address ethical issues like bias, transparency, and privacy in AI applications within the financial sector. The committee will also look into the potential risks AI poses to financial stability and will propose guidelines for responsible AI usage. This initiative reflects RBI's commitment to ensuring that AI technologies are developed and used in a manner that is fair, transparent, and accountable, safeguarding consumer interests and maintaining trust in financial systems.

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