THE Reserve Bank of India (RBI) has announced its intention to set up a committee to develop a framework for ethical clearance of artificial intelligence (AI) for the financial sector. The committee, comprising experts from various fields, will be responsible for recommending a robust, comprehensive and adaptable AI framework for the financial sector.
“The financial sector landscape is witnessing rapid transformation, enabled by technologies such as AI, tokenization, cloud computing, etc.,” RBI Governor Shaktikanta Das said. said in its monetary policy statement. Monetary policy refers to the actions taken by a country’s central bank to manage the money supply and influence economic activity.
“In order to harness the benefits of these technologies, while addressing associated risks such as algorithmic bias, explainability, data privacy, etc., a committee comprising experts from various fields will be set up to recommend a framework for responsible and ethical empowerment. of AI (FREE-AI) in the financial sector,” explained Das.
The central bank’s initiative comes at a time when generative AI (GenAI) is should contribute $359-438 billion to India’s gross domestic product (GDP) by 2029-30, making the ethical and responsible use of technology imperative for the country’s economic growth and financial sector.
“Technologies such as AI/Machine Learning (ML), tokenization, cloud computing, hold transformative potential for the financial sector as they can manage huge volumes of data, automate complex processes, improve decision-making and bring unprecedented efficiencies,” the plant said. the bank declared in its statement on development and regulatory policies.
“To harness the benefits, it is essential to address the associated risks early in the adoption cycle,” RBI added.
India AI Mission also emphasizes responsible use of AI
RBI’s creation of an expert committee to prepare a responsible AI framework is also in sync with the India AI Mission, an initiative aimed at boosting India’s global leadership in AI and guarantee ethical and responsible activities AI deployment.
In March, India approved Rs 10,300 crore ($1.24 billion) for the next five years to boost the country’s AI ecosystem, innovation and entrepreneurship. The India AI Mission, which primarily focuses on developing high-end IT infrastructure in the country, is also expected to facilitate access to funds for AI. startups.
A December statement of the Ministry of Electronics and Information Technology (MEITY) provides a detailed breakdown of funds allocated for India’s AI mission and focuses on who is responsible and ethical use of AI.
“The ‘Safe and Trusted’ pillar within the IndiaAI mission aims to encourage the adoption of AI in a responsible manner with the principles of safety, security, transparency and privacy integrated into the design of AI technology. AI to mitigate AI risks, placing the idea of “AI for all” at its core,” the MEITY statement said.
“Under this pillar, eight responsible AI projects were selected to address the need for robust safeguards to ensure the responsible development, deployment and adoption of AI technologies,” the statement added.
Projects cover a range of critical themes, including AI bias mitigation, ethical AI frameworks, privacy enhancement tools, explainable AI, and AI governance testing , among others.
The India AI Mission envisages delivering a high-end and scalable AI computing ecosystem comprising an AI computing infrastructure of 10,000 or more Graphics Processing Units (GPUs) over a period of five years.
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