RBI committee recommends AI framework for finance sector

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A Reserve Bank of India committee has recommended a framework for developing AI capabilities for the country’s financial sector, while safeguarding it against associated risks, according to a report released on Wednesday.

The committee has recommended setting up a digital infrastructure to help build indigenous AI models and a multi-stakeholder standing committee to evaluate risks and opportunities.

It also suggested building a fund to incentivise the development of homegrown AI models tailored for the needs of India’s financial services sector.

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RBI committee recommends AI framework for finance sector



A Reserve Bank of India committee has recommended a framework for developing AI capabilities for the country’s financial sector, while safeguarding it against associated risks, according to a report released on Wednesday.

The committee has recommended setting up a digital infrastructure to help build indigenous AI models and a multi-stakeholder standing committee to evaluate risks and opportunities.

It also suggested building a fund to incentivise the development of homegrown AI models tailored for the needs of India’s financial services sector.

The…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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