In the coming months, the central bank is likely to introduce short-term measures to address risks around data security and governance in the use of AI by banks and fintech firms.
The Reserve Bank of India is exploring the possibility of creating a regulatory framework for the use of artificial intelligence in India’s banking and financial services sector, according to three industry executives aware of the matter, who requested anonymity.
While discussions are at an early stage and a full-fledged regulatory framework may be subject to more streamlined consultation efforts by the central bank, the three executives say the RBI is likely to introduce specific short-term measures in the coming months to address risks around transparency, data security and governance involved in the use of AI models by banks and fintechs …
Ashwin covered fintech and banking at The Morning Context. Previously, he was at The Economic Times, where he worked across the finance, tech and startup verticals, breaking stories related to India’s banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.
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ashwin@mailtmc.com
Delhi