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ARTICLE · 07 JANUARY 2025

AKP Banking & Finance Digest- December 30, 2024

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The Reserve Bank of India ("RBI") has constituted a Committee on the Framework for Responsible and Ethical Enablement of Artificial Intelligence in the financial sector, as announced in the December 6, 2024...

IndiaTechnology
Anuroop Omkar
Anuroop Omkar

1. Regulatory Updates

1.1. India

1.1.1. RBI introduces Framework for AI enablement in the Financial Sector

The Reserve Bank of India ("RBI") has constituted a Committee on the Framework for Responsible and Ethical Enablement of Artificial Intelligence in the financial sector, as announced in the December 6, 2024, Monetary Policy Statement. The committee, chaired by Dr. Professor Pushpak Bhattacharyya of the Indian Institute of Technology, Bombay, includes members from academia, government, law, and industry. The committee's responsibilities include evaluating the adoption of Artificial Intelligence ("AI") in financial services, reviewing global regulatory practices, identifying associated risks, and proposing frameworks for the ethical deployment of AI. RBI

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