RBI panel submits report on framework for AI use to foster innovation and mitigate risks in financial sector
Artificial Intelligence
enters everyday life, the
Reserve Bank of India
's panel on Wednesday submitted its report on framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the financial sector.
"The framework is anchored in seven sutras which serve as the foundational principles and is operationalised through twenty-six targeted recommendations under six strategic pillars," said RBI in its document.
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"In order to encourage the responsible and ethical adoption of AI in the financial sector, the FREE-AI Committee was constituted by the Reserve Bank of India. The RBI conducted two surveys to understand current AI adoption and challenges in the financial sector. The Committee referenced these surveys and, in addition, undertook extensive stakeholder consultations to gain further insights," said the RBI panel's document.
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The Committee formulated 7 Sutras that represent the core principles to guide AI adoption in the financial sector. These are:
(i) Trust is the Foundation
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(ii) People First
(iii) Innovation over Restraint
(iv) Fairness and Equity
(v) Accountability
(vi) Understandable by Design
(vii) Safety, Resilience and Sustainability
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