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.
It will also look to "recommend a framework including governance aspects for responsible, ethical adoption of AI models/applications in the Indian financial sector".
The panel has to submit its report within six months of the date of its first meeting.
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