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

YourStory

YourStory · 7m ago

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.

Related News

'Too early…': Paytm advisory panel chief on identifying issues with fintech firm

Livemint

Livemint · 1y ago

'Too early…': Paytm advisory panel chief on identifying issues with fintech firm

Paytm's advisory committee, set up to address the concerns raised by the Reserve Bank of India (RBI) about Paytm Payments Bank, is yet to determine the main issue, according to the committee head M Damodaran. The RBI had ordered Paytm to halt certain transactions after February 29, which was later extended to March 15. Damodaran stated that the committee is currently focused on addressing regulatory matters and strengthening compliance but has not reached a stage where they can identify the core problem.

Rubrik’s IPO filing reveals an AI governance committee. Get used to it.

TechCrunch · 1y ago

Rubrik’s IPO filing reveals an AI governance committee. Get used to it.

Data management company Rubrik has set up an AI governance committee to oversee the implementation and risks of artificial intelligence tools within its business. The committee, comprised of managers from Rubrik's engineering, product, legal, and information security teams, will evaluate the legal, security, and business risks associated with using generative AI tools. The move comes amid growing regulatory scrutiny and a need for companies to adopt AI governance committees as compliance measures. The EU AI Act, expected to become law later this year, is driving the need for governance, as it bans certain AI use cases deemed to bring "unacceptable risk".

FM Nirmala Sitharaman To Meet Fintech Heads Amid Paytm Payments Bank Crisis

Inc42 · 1y ago

FM Nirmala Sitharaman To Meet Fintech Heads Amid Paytm Payments Bank Crisis

Finance Minister Nirmala Sitharaman is set to meet with heads of fintech startups on February 26 to address concerns and reassure the sector that it remains a priority for the government. The meeting will also be attended by a deputy governor of the Reserve Bank of India (RBI) and officials from the Ministry of Finance, Ministry of Information Technology, and Department for Promotion of Industry and Internal Trade (DPIIT). The RBI recently imposed restrictions on Paytm Payments Bank for non-compliance, prompting entrepreneurs to call for a review of the regulatory action. The RBI has since extended the deadline for the business restrictions.

RBI raises UPI transaction limit to INR 5 lakh for hospitals, educational institutions

Inc42 · 1y ago

RBI raises UPI transaction limit to INR 5 lakh for hospitals, educational institutions

The Reserve Bank of India (RBI) has proposed increasing the UPI payment limit to INR 5 Lakh for transactions related to hospitals and educational institutions, up from the current limit of INR 1 Lakh. The RBI has also suggested removing the additional factor of authentication (AFA) for e-mandates of recurring transactions up to INR 1 Lakh, such as mutual funds and insurance premium payments. Furthermore, the RBI will establish a cloud facility to enhance the security and privacy of financial sector data, and a repository for fintech companies will be set up.

Centralised KYC system in works: SEBI chairman

YourStory

YourStory · 2m ago

Centralised KYC system in works: SEBI chairman

Markets regulator SEBI is collaborating with the Ministry of Finance and other financial bodies to establish a centralised KYC system, as per Chairman Tuhin Kanta Pandey. The system, aiming to streamline compliance across financial institutions, is progressing under a committee led by the finance secretary. While no timeline is set, optimism for early completion exists. In parallel, SEBI is leveraging AI for market regulation and remains cautious about AI's potential risks in trading systems.

US identifies use of AI as risk in financial system

Economic Times

Economic Times · 1y ago

US identifies use of AI as risk in financial system

According to a report released by the Financial Stability Oversight Council (FSOC), US regulators have recognized the use of artificial intelligence (AI) as a vulnerability in the financial system for the first time. The FSOC highlights the need to monitor the rapid development of AI and generative AI in particular, in order to ensure that oversight structures keep up with emerging risks. Treasury Secretary Janet Yellen suggests supporting responsible innovation while applying risk management principles and rules. The FSOC also recommends improving the ability to monitor AI innovation and identify emerging risks in the financial sector.

The intelligent enterprise is within our reach

Techradar

Techradar · 1y ago

The intelligent enterprise is within our reach

The article discusses the impact of artificial intelligence (AI) on businesses and how it is transforming various industries. The author highlights the value of AI in generating real business solutions and improving data-driven decision making. They also address the concerns regarding ethical use and biases in AI and mention the importance of regulations to ensure responsible implementation. The article then explores specific areas where AI can bring positive changes, such as supply chain management, finance, sales, and e-commerce. Overall, AI is seen as a tool that can enhance business operations and increase agility, while also emphasizing the need for a responsible and people-centric approach.

RBI eases recently tightened rules for investments by banks, NBFCs in AIFs

VCCircle

VCCircle · 1y ago

RBI eases recently tightened rules for investments by banks, NBFCs in AIFs

India's central bank, the Reserve Bank of India (RBI), has eased its recently tightened rules on investments by banks and non-banking finance companies (NBFCs) in alternative investment funds (AIFs). The rules, which required higher provisions to be set aside, were originally put in place to address concerns about the use of AIFs to mask bad loans. However, the RBI has now clarified that banks only need to cover the portion of their investment in an AIF that is further invested in the debtor company.

Microsoft to spend $3.2 billion in Australia as AI regulation looms

Economic Times

Economic Times · 1y ago

Microsoft to spend $3.2 billion in Australia as AI regulation looms

Microsoft is set to invest $3.2 billion in Australia as the country prepares to introduce regulations on artificial intelligence (AI). The investment will focus on building data centers to support the growing demand for cloud services and AI capabilities. The move comes amid increasing concerns about the ethical and responsible use of AI technology, prompting governments around the world to develop regulatory frameworks.

Govt forms Inter-ministerial committee to strengthen fintech ecosystem

Entrackr

Entrackr · 4m ago

Govt forms Inter-ministerial committee to strengthen fintech ecosystem

The Government of India has constituted an Inter-Ministerial-Industry Committee on Fintech (IMICF) to address key issues in the fintech sector and recommend measures to enhance its ecosystem, according to a government order reviewed by Entrackr. The decision has been taken with the approval of the Hon’ble Finance Minister. The newly formed committee will be chaired by the Secretary, Department of Financial Services (DFS) and will include representatives from the Ministry of Electronics & Information Technology (MeitY), Department for Promotion of Industry and Internal Trade (DPIIT), Department of Economic Affairs (DEA), NITI Aayog, Reserve Bank of India (RBI), and Securities Exchange Board of India (SEBI). Additionally, industry experts such as Ajay Kaushal (Bill Desk), Jitendra Gupta (Jupiter), Varun Dua (Acko General Insurance), Lalit Keshre (Groww), Vishnu Pillai (KPMG), and Ashish Garg (McKinsey) will also be part of the committee. The newly constituted committee has been tasked with assessing the growth of the fintech sector and its contribution to the broader Banking, Financial Services, and Insurance (BFSI) industry. It will examine challenges faced by fintech companies, review existing policies and regulations, and analyze global best practices in fintech governance. Based on these insights, the committee will develop a long-term vision strategy and propose recommendations to enhance the fintech ecosystem in India. The committee is expected to submit its report within three months from the date of its first meeting. The CS&FT section of the Department of Financial Services (DFS) will act as the secretariat for the committee.

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