Reserve Bank Sets Up Expert Panel to Craft Ethical AI Framework for Fin Sector

THE Reserve Bank has constituted a high-level expert panel to develop a framework for responsible and ethical use of artificial intelligence in the financial sector.

- ENS ECONOMIC BUREAU @Mumbai

The panel will establish a governance framework to guide ethical AI adoption across banks, non-banks, fintechs, and payment system operators, apart from reviewing regulatory and supervisory approaches on AI with focus on the financial sector. The initiative was announced in the monetary policy statement on December 6. The committee, to be chaired by the IIT Bombay professor Pushpak Bhattacharyya, brings together leading experts from the academia, industry, and the government. Its key objectives are to