The Reserve Bank of India (RBI) has announced the composition and scope of work for an expert committee tasked with developing an ethical AI framework for the country's financial sector. The committee, led by a professor from the Indian Institute of Technology, will recommend a robust AI framework and assess the current level of AI adoption in global and Indian financial services. The committee will also identify potential risks associated with AI and recommend compliance requirements for financial institutions. The RBI's initiative comes as generative AI is projected to contribute significantly to India's GDP. Additionally, the RBI has introduced an AI-based model to tackle digital fraud.



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