News on Medial

RBI to set up committee for responsible use of AI in the finance sector

YourStoryYourStory Ā· 16d
RBI to set up committee for responsible use of AI in the finance sector

The Reserve Bank of India (RBI) has announced the formation of a committee, called FREE AI, to develop a framework for the responsible and ethical use of artificial intelligence (AI) in the financial sector. The committee, consisting of experts from various fields, will focus on addressing challenges such as algorithmic bias, transparency, and data privacy. The RBI aims to harness the benefits of AI while mitigating associated risks and ensuring sustainable integration within the industry. This announcement follows the release of a draft circular by the RBI in August, aimed at managing model risks in credit and addressing uncertainties in AI-based credit appraisal and risk management systems.

Comments

Download the medial app to read full posts, comements and news.