Eight-member team will be established to provide the foundation for the ethical and responsible use of artificial intelligence, the RBI (Reserve Bank of India) stated on Thursday. Pushpak Bhattacharyya of IIT Bombay’s Department of Computer Science and Engineering will serve as the head of the committee known as FREE-AI. The RBI’s fintech section will assist the committee, which has six months from the date of its first meeting to turn in its report.
The committee’s responsibilities will include examining the current state of AI deployment in financial services and reviewing supervisory and regulatory strategies related to AI, with an emphasis on the global financial industry. The group will also provide a framework that incorporates governance elements for the financial industry’s ethical and prudent use of AI models. Along with identifying possible dangers related to AI, the committee will also need to provide a structure for monitoring, mitigation, and assessment for regulated firms.
In addition to Bhattacharya from IIT Bombay, the committee also consists of Dr. Balaraman Ravindran from IIT Madras, Rahul Matthan, Partner, Trilegal, Anjani Rathor, Chief Digital Officer, HDFC Bank, Suvendu Pati, CGM, RBI, Abhishek Singh, Additional Secretary, Ministry of Electronics and Information Technology, and Debjani Ghosh, independent director for Reserve Bank Innovation Hub.
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