Mumbai/New Delhi, 26 December (HS): The Reserve Bank of India (RBI) on Thursday announced the formation of an 8-member committee to prepare a framework for responsible and ethical use of Artificial Intelligence (AI) in the financial sector. This committee will submit its report within six months from the date of the first meeting.

According to the Reserve Bank, Professor Pushpak Bhattacharya of the Department of Computer Science and Engineering at the Indian Institute of Technology (IIT), Mumbai will be the chairman of this committee. This panel headed by Bhattacharya will assess the current level of adoption of AI in financial services globally as well as in India. This committee will review the regulatory and supervisory approach to AI with a focus on the financial sector globally. This panel will identify the potential risks associated with AI and recommend the resulting compliance requirements. This committee will recommend a framework including governance aspects for responsibly and ethically adopting AI models or applications in the Indian financial sector.

RBI said that this committee includes Debjani Ghosh (Independent Director, Reserve Bank Innovation Hub), Balaraman Ravindran (Professor and Head, Wadhwani School of Data Science and AI, IIT Madras), Abhishek Singh (Additional Secretary, Ministry of Electronics and Information Technology). Apart from these, Rahul Mathan (Partner, Trilegal), Anjani Rathore (Group Head and Chief Digital Experience Officer, HDFC Bank), Hari Nagaralu (Head of Security AI Research, Microsoft India) and Suvendu Pati (Chief General Manager, Finance Technology, RBI) have been made members.

Hindusthan Samachar / Jun Sarkar