RBI panel suggests measures for responsible and ethical enablement of artificial intelligence in the financial sector

An RBI panel has recommended that banks and other financial institutions formulate a policy to mitigate risks arising from use of Artificial Intelligence (AI) in the financial sector, saying without guardrails it can exacerbate risks. The Reserve Bank of India (RBI) had set up the committee to develop a Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the financial sector in December last year. In its report, published by the RBI on Wednesday, the panel sets out a framework to guide the use of AI in the financial sector, aiming to harness its potential while safeguarding against associated risks.

 

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