 "AI in Banking")
The FREE AI Committee Report heralds a new era for Indian banking by providing a framework to both harness and regulate artificial intelligence. The Reserve Bank of India (RBI) report presents a roadmap that highlights not only the opportunities enabled by AI, but also challenges and responsibilities for banks and financial institutions.
The framework emphasises robust governance, clear accountability for AI, drafting of policy, risk management, and ethical guardrails. It calls for metrics to ensure fairness and diversity in AI outcomes, with banks expected to monitor, report, and actively mitigate algorithmic bias to ensure inclusivity.
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