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RBI sets up panel for ethical AI use

| TNN | Dec 27, 2024, 01:59 IST

MUMBAI: RBI has formed a panel to guide ethical AI adoption in the financial sector. The committee on Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) will be chaired by Pushpak Bhattacharyya of IIT Bombay.

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Others in the panel include experts from academia, industry, govt, and regulatory bodies. Its mandate includes assessing AI adoption in financial services globally and in India, reviewing regulatory approaches, identifying risks, and recommending frameworks for ethical governance and compliance. RBI's fintech department will support the committee, which is expected to submit its report within six months.

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Top Comment

Ashok Roy

7 days ago

At the outset RBI setting up panel for ethical use of Artificial Intelligence is laudable. However, ethical banking practices is not expected from RBI. My opinion is based on more than 850irrefutable documentary evidence and 19,000 pages of Additional Document since 03 June ‘ 2022, against a prominent private sector bank and its accomplices including RBI - CEPC Mumbai; CEPD Mumbai; CRPC Chandigarh, Complaint Management System, Ombudsman at Bhubaneshwar, Ahmedabad and Hyderbad. RBI in its endeavor to grant generous patronage to a prominent private sector bank has violated on 08 occasions the US - India Intergovernmental Agreement on FATCA, while the said bank violated the FATCA Agreement on 36 occassions. 17 complaint emails were sent with irrefutable documentary evidence to the RBI Governor/four RBI Deputy Governors from 11 April ‘2023 to 30 October ‘2024. Regret no visible action is taken. RBI conducted itself as a wholly owned subsidiary of the said private sector bank. Artificial Intelligence cannot provide any solution when RBI’s intent is malicious.

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