RBI committee to study global regulations on AI, identify risks

Mumbai: India’s banking regulator has set up an eight-member committee to study regulatory and supervisory approach on artificial intelligence, especially in the financial sector, in other parts of the world and identify its potential risks.

The panel will recommend an evaluation, mitigation and monitoring framework and compliance requirements related to AI for financial institutions, including banks, non-banking financial services companies (NBFCs), fintechs, and payment system operators (PSOs), among others, the Reserve Bank of India said on Thursday.