Why did RBI form an 8-member committee to recommend a framework for AI?
Delhi Delhi: The Reserve Bank of India (RBI) has constituted an 8-member committee to recommend a framework for responsible and ethical enablement of AI (FREE-AI) in the financial sector. The committee comprises experts from various fields and will submit its report within six months from the date of its first meeting, the Reserve Bank said in a statement.The financial sector landscape is witnessing rapid transformation, enabled by technologies such as AI, tokenisation and cloud computing.
To leverage these technologies, while addressing associated risks such as algorithmic bias, explainability, data privacy, the RBI had indicated in the recently held monetary policy review meeting that it would set up a committee for a framework for responsible and ethical AI use. Who will be part of the RBI’s 8-member committee and what is it going to recommend?The eight-member committee will be headed by Professor Pushpak Bhattacharya from the Department of Computer Science and Engineering, IIT Bombay.
Other members include Debjani Ghosh, Distinguished Fellow, NITI Aayog, Independent Director, Reserve Bank Innovation Hub and former President, NASSCOM, Balaraman Ravindran, Professor and Head, Wadhwani School of Data Science and AI at IIT Madras, Abhishek Singh, Additional Secretary, Ministry of Electronics and Information Technology, Rahul Mathan, Partner, Trilegal, Anjani Rathore, Group Head and Chief Digital Experience Officer, HDFC Bank and Shri Hari Nagaralu, Head, Security AI Research, Microsoft India (R&D). Suvendu Pati, CGM, FinTech Department, Reserve Bank of India will serve as Member Secretary. The FinTech Department, Central Office, Reserve Bank of India will provide secretarial assistance to the Committee. The Committee may invite domain experts, industry representatives, RBI departments and other stakeholders for consultation or participation in its deliberations, as required.
