RBI to prepare framework for ethical adoption of AI in financial sector

The Reserve Bank will prepare a framework for responsible and ethical adoption of artificial intelligence (AI) in the financial sector during the current financial year, the central bank’s annual report said.

Driven by rapid advances in computing power and the vast availability of digital data, AI and machine learning (ML) technologies have seen growing interest and significant progress in recent years, with financial institutions globally and domestically increasingly adopting these technologies.