RBI Big Action: RBI has prepared on an important issue in the financial sector. Its report will also come in 6 months. Know what it is and how it will be beneficial.
RBI Big Action: The Reserve Bank of India has made a plan. RBI has formed an 8-member panel. This 8-member panel has been formed under the leadership of IIT Bombay. The panel will submit its report within 6 months of the first meeting. Know who is included in this panel and how it will improve the banking sector.
8 member panel formed
RBI has constituted an 8-member panel to suggest Artificial Intelligence (AI) in the financial sector. This will help in curbing digital fraud through AI. The committee consists of experts from different sectors who will recommend a strong and comprehensive AI framework for the financial sector.
These are the 8 members of the committee
- The chairperson of the committee is Dr. Pushpak Bhattacharya, Professor in the Department of Computer Science and Engineering at IIT Bombay.
- Debjani Ghosh (Independent Director, Reserve Bank Innovation Hub and former President of NASSCOM) – Committee Member
- Dr. Balaraman Ravindran (Professor and Head, Wadhwani School of Data Science and AI, IIT Madras) – Committee Member
- Abhishek Singh (Additional Secretary, Ministry of Electronics and Information Technology, Government of India) – Committee Member
- Rahul Matthan (Partner, Trilegal) – Committee Member
- Anjani Rathore (Group Head and Chief Digital Experience Officer, HDFC Bank) – Committee Member
- Shri Hari Nagaralu (Head of Security AI in Research, R&D at Microsoft India) – Committee Member
- Suvendu Pati (CGM, Fintech Department, Reserve Bank of India) – Member Secretary
The committee will assess the current level of adoption of AI in financial services globally and in India. Actually, technologies such as Artificial Intelligence or Machine Learning (ML), tokenization, cloud computing have many benefits for the financial sector, such as these technologies can handle huge amounts of data, can help in decision making, etc. But, along with this, it also has many disadvantages. Like Algorithmic Bias, risk of data security, etc. It is important to address all these risks. In this direction, the Reserve Bank of India has set up a committee to develop a framework for responsible and ethical enablement of artificial intelligence (FREE-AI) in the financial sector.
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