Reserve Bank of India (RBI) Governor Shaktikanta Das highlighted some concerns related to artificial intelligence (AI) in a recent speech in Bengaluru. While delivering the inaugural address at the Global Conference on AI and Emerging Technologies, the RBI Governor said, “Such advances, however, come with serious challenges. Data privacy issues arise from handling vast volumes of personal information. Ethical governance of AI is essential to ensure fairness and avoid bias.”
“Financial institutions need to ensure that AI models are explainable, meaning they can explain why certain outcomes are produced. AI technology can also be misused to spread false information, which can potentially cause serious damage and disruption to IPRs and other digital systems,” Das said.
“They can also harm the reputation and operations of financial institutions,” he added.
