RBI to set up committee for responsible use of AI in the finance sector

Quick Summary:

The committee will look into algorithmic transparency and protection of user data and create a roadmap for sustainable AI integration within the financial sector.

In August this year, the RBI had released a draft circular on managing model risks in credit to address uncertainties in AI/ML-based credit appraisal and risk management systems used by digital lenders.

A committee to develop a framework for responsible and ethical use of AI in the financial sector will be formed, announced RBI Governor Shaktikanta Das.

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Article Details

Author / Journalist: Sayan Sen

Category: StartupsEconomyBusiness

Markets: India

Topics: Information Policy Responsible Data Committee Framework Algorithmic Privacy Protection Financial Sector

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-06 @ 05:51:44 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: yourstory.com

Language: English

Article Length: 152 words

Reading Time: 1 minutes read

Sentences: 18 lines

Sentence Length: 9 words per sentence (average)

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Copyright Owner: © YourStory

News ID: 24162211

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Main Topics: StartupsEconomyBusiness

Official Website: yourstory.com

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