RBI Forms AI Ethics Panel for Financial Sector

The Reserve Bank of India announced the formation of an eight-member committee to establish a responsible AI framework in the financial sector. Headed by IIT Bombay's Pushpak Bhattacharyya, the panel will evaluate AI adoption and recommend ethical guidelines. It aims to identify risks and governance strategies.

The Reserve Bank of India has taken a significant step toward integrating technology and ethics by forming an eight-member committee focused on artificial intelligence in the financial sector.

Led by IIT Bombay Professor Pushpak Bhattacharyya, the committee will explore AI adoption in India and globally, examining supervisory approaches and identifying potential risks involved.

With members from diverse sectors, including academia and industry, the panel's mandate is to create a sustainable framework that ensures ethical AI use. A report is expected within six months of their initial meeting.

(With inputs from agencies.)