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Notification No.: Press Release: 2024-2025/1779
The RBI has announced the formation of a committee to develop a framework for the responsible and ethical use of AI in the financial sector. The committee will assess the current adoption of AI, review global regulatory practices, identify risks, and recommend governance and compliance frameworks for financial institutions. The committee is expected to submit its report within six months.
Key Terms:
1. Assess current AI adoption in financial services.
2. Review global regulatory approaches on AI in the financial sector.
3. Identify risks related to AI and recommend risk mitigation frameworks.
4. Develop a framework for responsible and ethical AI adoption in India.
5. Address any other related matters.
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