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RBI AI panel calls for balancing innovation with strong risk safeguards
Subrata Panda Mumbai
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The Reserve Bank of India's (RBI's) Committee on the Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the financial sector has recommended an approach that treats the objectives of fostering innovation and mitigating risks as complementary forces to be pursued in tandem.
The FREE-AI committee was constituted by the RBI to encourage the responsible and ethical adoption of AI in the financial sector.
The committee outlined seven 'sutras' — core principles to guide AI adoption in the financial sector: trust is the foundation; people first; innovation over restraint; fairness and equity; accountability; understandable by design; and safety,
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