RBI Forms 8-Member 'FREE-AI' Committee To Guide Ethical Use Of AI In Financial Sector
Trending News
1 week, 6 days ago

RBI Forms 8-Member 'FREE-AI' Committee To Guide Ethical Use Of AI In Financial Sector

ABP News  

The Reserve Bank of India announced on Thursday the formation of a committee called FREE-AI, tasked with developing a framework for the responsible and ethical use of artificial intelligence. Furthermore, the committee will recommend a governance framework for the responsible and ethical adoption of AI models and applications in the Indian financial sector, along with any other matters related to AI within the sector. This development comes amid significant changes in the financial sector, driven by the rise of emerging technologies such as AI, machine learning, tokenization, and cloud computing. The committee will consist of experts from various fields and will propose a robust, comprehensive, and flexible AI framework for the financial sector.

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Panel to develop framework for ethical enablement of AI in financial sector
Trending News
1 week, 6 days ago

Panel to develop framework for ethical enablement of AI in financial sector

Deccan Chronicle  

New Delhi: The Reserve Bank of India on Thursday said that it would set up an eight-member committee to develop a framework for responsible and ethical enablement of artificial intelligence or FREE-AI in the financial sector. The AI panel will also review regulatory and supervisory approaches on artificial intelligence with focus on the financial sector globally. The panel will also …

RBI committee to study global regulations on AI, identify risks
1 week, 6 days ago

RBI committee to study global regulations on AI, identify risks

Live Mint  

Mumbai: India’s banking regulator has set up an eight-member committee to study regulatory and supervisory approach on artificial intelligence, especially in the financial sector, in other parts of the world and identify its potential risks. The panel will recommend an evaluation, mitigation and monitoring framework and compliance requirements related to AI for financial institutions, including banks, non-banking financial services companies, …

Lenders get serious on AI with in-house talent, outside help
2 weeks ago

Lenders get serious on AI with in-house talent, outside help

Live Mint  

Artificial intelligence that tiptoed into banking channels with chatbots is about to make bigger strides, as India's leading banks and non-bank financiers look to embrace the technology to improve customer service, cybersecurity and asset quality. “It is also important to note that SBI’s work here does not involve Generative AI, but other aspects of classical AI development that could help …

RBI forms 8-member panel on ethical use of AI in financial sector: Check all important details
2 weeks ago

RBI forms 8-member panel on ethical use of AI in financial sector: Check all important details

India TV News  

The Reserve Bank of India has constituted an eight-member committee to develop a Framework for Responsible and Ethical Enablement of Artificial Intelligence in the financial sector. In addition, the panel will review regulatory and supervisory approaches to AI in the global financial sector, aiming to ensure the responsible integration of these advanced technologies into India's financial ecosystem. The panel will …

Most wanted stocks of 2024: Fund managers bullish on these 3 AI companies
2 months ago

Most wanted stocks of 2024: Fund managers bullish on these 3 AI companies

Live Mint  

Artificial Intelligence stocks are capturing significant attention in global markets, underscoring the technology's rising importance across diverse industries. As of September 2024, ICICI Prudential’s Retirement Fund Pure Equity Plan holds a 2.8% stake, while Tata Retirement Savings Fund holds 2%, making them the top mutual fund holders in the stock. Additionally, Mastek's cloud-native platform, icxPro, has recently partnered with NVIDIA …

The five pillars of AI governance in India
2 months ago

The five pillars of AI governance in India

New Indian Express  

The US experiences with unregulated growth in social media and finance illustrate the dangers of delayed regulation. Social media platforms initially expanded without oversight, embedding practices that later heightened misinformation and privacy issues, while unchecked financial innovation led to the 2008 crisis, necessitating reactive measures like the Dodd-Frank Act. Finally, David Collingridge’s dilemma—the notion that early intervention is difficult due …

Hong Kong Unveils Comprehensive Framework for Responsible AI in Financial Sector
2 months, 1 week ago

Hong Kong Unveils Comprehensive Framework for Responsible AI in Financial Sector

The Hindu  

Hong Kong unveils a framework for ethical and responsible use of AI in the financial sector. The guidelines prioritize consumer protection, fairness, and data privacy, while allowing innovation to flourish. The framework introduces a sandbox for generative AI testing and aligns with the global trend of more governments enacting policies to govern AI's impact on critical sectors.

Balancing Innovation and Consumer Protection: A Framework for High-Risk AI in India
2 months, 1 week ago

Balancing Innovation and Consumer Protection: A Framework for High-Risk AI in India

Live Mint  

India's approach to regulating high-risk AI systems should be targeted and risk-based, prioritizing consumer protection while fostering innovation. The country should learn from the successes of other nations while considering local needs and challenges. The draft Digital India Act 2023 should be revised to address high-risk AI systems and ensure consumer protection. Existing legal frameworks should be leveraged, and the …

EU Legislation on AI in Banking: A Framework for Safe and Secure Integration
2 months, 2 weeks ago

EU Legislation on AI in Banking: A Framework for Safe and Secure Integration

Hindustan Times  

The article discusses the EU legislation on AI in banking, emphasizing the need for a technology-specific regulatory framework to address the risks associated with AI integration in high-risk sectors like banking. It highlights the significant impact of AI on the banking industry, with over 200-300 billion dollars in potential value annually across the global banking sector. The article outlines the …

India not yet ready for AI regulations says Experts
4 months ago

India not yet ready for AI regulations says Experts

New Indian Express  

HYDERABAD: On the second day of the Global AI Summit 2024 at HICC, experts from various fields discussed key aspects of Artificial Intelligence. Arghya Sengupta, Founder & Research Director of Vidhi Centre for Legal Policy, said that India is not yet ready for AI regulations and that small innovators and developers could be most affected and recommended adopting certain codes …

Financial industry grappling with AI's gifts and perils, executives say
6 months, 1 week ago

Financial industry grappling with AI's gifts and perils, executives say

The Hindu  

The spread of artificial intelligence-based systems offers big opportunities for financial services firms, executives say, but asset managers also face higher stakes than other consumer-facing businesses because they manage sensitive information. For example, AI systems could be better than humans at explaining to clients why they arrived at recommendations like portfolio allocations or lending decisions, said Zack Kass, a former …

The AI-Fintech connection: Transforming the financial ecosystem
6 months, 2 weeks ago

The AI-Fintech connection: Transforming the financial ecosystem

Hindustan Times  

The financial ecosystem is experiencing a massive shift brought about by the rapid development of Artificial Intelligence and its integration into financial technology. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} Privacy and security concerns are also more important than ever as AI systems require huge amounts of data to work efficiently. These advisors that utilise artificial intelligence study market data, measure risk tolerance …

Regulating AI in finance looks like a wild goose chase
9 months, 2 weeks ago

Regulating AI in finance looks like a wild goose chase

Live Mint  

We humans are a sceptical bunch. Financial regulators emphasize the importance of exercising caution in regulating AI, acknowledging that its implications are yet to be comprehensively understood. Financial regulators are understandably torn between recognizing their limitations in regulating AI and maintaining confidence in the financial sector. Admitting to constraints would risk undermining trust in their oversight, while banning AI usage …

Banks should be mindful of legal, cyber risks emanating from AI: RBI Deputy Governor
10 months, 4 weeks ago

Banks should be mindful of legal, cyber risks emanating from AI: RBI Deputy Governor

India TV News  

The banking sector and players in the space should be mindful of legal and cyber risks, and skill gaps emanating from Artificial Intelligence, RBI Deputy Governor T Rabi Sankar has said. NaBFID Chairman K V Kamath said what he had predicted 20 years ago has come true that banks will look like technology companies offering banking services. IBA Chairman Atul …

Banks of the future will use AI to influence financial decisions, say experts
1 year ago

Banks of the future will use AI to influence financial decisions, say experts

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Next-generation banks will use generative artificial intelligence to influence people’s financial decisions, spot …

US highlights AI as risk to financial system for first time
1 year ago

US highlights AI as risk to financial system for first time

Al Jazeera  

Financial Stability Oversight Council says emerging technology poses ‘safety-and-soundness risks’ as well as benefits. In its latest annual report, the Financial Stability Oversight Council said the growing use of AI in financial services is a “vulnerability” that should be monitored. The FSOC, which was established in the wake of the 2008 financial crisis to identify excessive risks in the financial …

AI's transformative role in India's auto finance industry
1 year, 2 months ago

AI's transformative role in India's auto finance industry

Hindustan Times  

The digital transformation wave is sweeping across industries, and India’s auto finance sector is no exception. All this is being driven with AI & machine learning, which are helping transform the auto finance experience, from credit assessments to customer service. AI and machine learning are transforming auto finance by enhancing credit assessment precision, detecting fraud, and optimising marketing strategies. Lets …

Independent body, risk-based framework: TRAI suggests regulations for AI
1 year, 5 months ago

Independent body, risk-based framework: TRAI suggests regulations for AI

Business Standard  

The Telecom Regulatory Authority of India on Thursday called on the government to adopt a holistic regulatory framework for the responsible development of cutting-edge artificial intelligence technologies, reported Economic Times. It has proposed the immediate establishment of an independent statutory authority, 'Artificial Intelligence and Data Authority of India,' for the development of responsible AI and the regulation of use cases …

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