Daily News Summary
Get concise and efficient summaries of key articles from prominent newspapers. Our daily news digest ensures quick reading and easy understanding, helping you stay informed about important events and developments without spending hours going through full articles. Perfect for focused and timely updates.
News Summary
- Economics (Indian Economy)
- Schemes in News
- Economics (Macroeconomics)
- Polity and Governance
- Social Issues
- Science and Technology
- International Relations
- Modern Indian History
- Geography
- Environment
- Indian Society
- Security
- Ancient Indian History
- Ethics
- Basic Science (Biology)
- Art and Culture
RBI sets up panel to develop a framework on ethical use of AI in financial sector
- The Hindu |
- Economics (Macroeconomics) |
- 2024-12-27
- Ethical AI
- FREE-AI
The Reserve Bank of India has formed a committee, led by Professor Pushpak Bhattacharyya, to establish a Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the financial sector, aiming to assess AI adoption, risks, and governance.
RBI's Initiative on Ethical AI in Financial Sector
The Reserve Bank of India (RBI) has taken a significant step towards the responsible implementation of artificial intelligence in the financial sector by forming a committee to develop a Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI).
Committee Composition
- Chairman: Pushpak Bhattacharyya, Professor, Department of Computer Science and Engineering, IIT Bombay.
- Members: 7 others from Industry and academia.
Objectives and Responsibilities
- Assess the current level of AI adoption in financial services, both globally and in India.
- Review regulatory and supervisory approaches to AI with a focus on the financial sector worldwide.
- Identify potential risks associated with AI and recommend strategies for evaluation, mitigation, and monitoring.
- Suggest a framework for governance and responsible, ethical adoption of AI models in the Indian financial sector.
- Provide recommendations on any other matters related to AI in the Indian financial sector.
Timeline and Support
The Committee is expected to submit its report within six months from its first meeting. The FinTech Department, Central Office, Reserve Bank of India, will offer secretarial support to the Committee.