RBI sets up committee for ethical adoption of AI in financial sector
27 Dec 2024, 10:41 PMThe committee will recommend a framework including governance aspects for responsible, ethical adoption of AI models/applications in the Indian financial sector.
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The Reserve Bank of India (RBI) has constituted an eight-member committee of experts to develop a framework for responsible and ethical enablement of artificial intelligence (FREE-AI) in the financial sector.
The committee -- to be headed by Pushpak Bhattacharyya (professor at Department of Computer Science and Engineering, IIT Bombay) -- will identify potential risks associated with AI; and recommend an evaluation, mitigation and monitoring framework and consequent compliance requirements for financial institutions, including banks, NBFCs, fintechs, PSOs, etc.
The committee members also include: former NASSCOM president Debjani Ghosh ( Distinguished Fellow, NITI Aayog; independent director at Reserve Bank Innovation Hub); Dr Balaraman Ravindran (professor and head at Wadhwani School of Data Science and AI, IIT Madras); Abhishek Singh (additional secretary, Ministry of Electronics and Information Technology); Trilegal partner Rahul Matthan; Anjani Rathor (group head and chief digital experience officer, HDFC Bank); Sree Hari Nagaralu (head of security AI Research, Microsoft India (R&D); and Suvendu Pati (CGM, FinTech Department, Reserve Bank of India).
The committee will assess the current level of adoption of AI in financial services, globally and in India, and review regulatory and supervisory approaches on AI with focus on the financial sector globally.
The committee will recommend a framework including governance aspects for responsible, ethical adoption of AI models/applications in the Indian financial sector.
The committee is expected to submit its report within six months from the date of its first meeting.
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