The Reserve Bank of India (RBI) has constituted an eight-member committee to establish a framework for the responsible and ethical implementation of Artificial Intelligence (AI) in the financial sector.
The committee, chaired by Professor Pushpak Bhattacharyya from the Indian Institute of Technology’s (IIT) Bombay’s Computer Science and Engineering Department, will analyse the current adoption of AI in financial services both globally and within India. It will also review international regulatory and supervisory practices for AI usage in the financial domain.
Key objectives of the panel include identifying risks associated with AI applications, suggesting strategies to mitigate and monitor these risks, and outlining compliance guidelines for financial entities such as banks, Non-Banking Financial Companies (NBFCs), FinTech firms and payment system operators.
The RBI noted that the group will propose a governance framework to promote the ethical and responsible deployment of AI in India’s financial ecosystem.
The committee members involve Debjani Ghosh, Independent Director, Reserve Bank Innovation Hub (RBIH); Balaraman Ravindran, 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 (CDO), HDFC Bank; Sree Hari Nagaralu, Head – Security AI Research, Microsoft India and Suvendu Pati, Chief General Manager (CGM), FinTech Department, RBI.
The committee has been tasked with submitting its report within six months of its inaugural meeting.
The initiative aligns with the RBI’s efforts to integrate technology into the financial sector responsibly, as highlighted in its December monetary policy statement.
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