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

| | Mumbai
1 2 3 4 5
  • 0

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

Friday, 27 December 2024 | PTI | 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.

Headed by IIT Bombay professor Pushpak Bhattacharyya (Department of Computer Science and Engineering), the panel will assess the current level of adoption of AI in financial services, globally as well as in India.

It will also review regulatory and supervisory approaches on AI with focus on the financial sector globally.

The panel will also identify potential risks associated with AI, if any, and recommend an evaluation, mitigation and monitoring framework and consequent compliance requirements for financial institutions, including banks, NBFCs, FinTechs, PSOs, etc.

The committee will recommend a framework including governance aspects for responsible, ethical adoption of AI models / applications in the Indian financial sector, the RBI said.

The other members of the panel are: Debjani Ghosh (Independent Director, Reserve Bank Innovation Hub); Balaraman Ravindran (Professor and Head, Wadhwani School of Data Science and AI, IIT Madras), Abhishek Singh (Additional Secretary; Ministry of Electronics and Information Technology), Rahul Matthan (Partner, Trilegal); Anjani Rathor (Group Head and Chief Digital Experience Officer, HDFC Bank); Sree Hari Nagaralu (Head of Security AI Research, Microsoft India); and Suvendu Pati (CGM, FinTech Department, RBI).

The Committee will submit its report within six months from the date of its first meeting, the RBI said.

The central bank had made the announcement regarding the panel in its December monetary policy meeting.

Trending News

more

State Editions

Water supply disruption in parts of Delhi

15 February 2025 | Staff Reporter | Delhi

Jamia students protest privacy breach, allege intimidation

15 February 2025 | Staff Reporter | Delhi

DMRC to ease exam travel for students

15 February 2025 | Staff Reporter | Delhi

Police introduces Cyber Safety Kiosk

15 February 2025 | Staff Reporter | Delhi

Sachdeva urges LG to act on Atishi

15 February 2025 | Staff Reporter | Delhi

Atishi defends AAP’s fiscal record

15 February 2025 | Staff Reporter | Delhi

Water supply disruption in parts of Delhi

15 February 2025 | Staff Reporter | Delhi

Jamia students protest privacy breach, allege intimidation

15 February 2025 | Staff Reporter | Delhi

Sunday Edition

Serene Retreat in the Aravallis

09 February 2025 | Pawan Soni | Agenda

Trump's Second Term: A new dawn for Indo-US relations

09 February 2025 | ANOOP BOSE | Agenda

Dumplings to dragon dance

09 February 2025 | Abhi Singhal | Agenda

Royal Flavours of Mughlai Cuisine

09 February 2025 | Abhi Singhal | Agenda

Swaad-e-dilli

09 February 2025 | SAKSHI PRIYA | Agenda

Serene Retreat in the Aravallis

09 February 2025 | Pawan Soni | Agenda

Trump's Second Term: A new dawn for Indo-US relations

09 February 2025 | ANOOP BOSE | Agenda