RBI issues 7 key principles for AI use in financial sector:

The Reserve Bank of India (RBI), through its expert committee on Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI), has released a framework recommending seven key principles for safe adoption of AI in financial services. Among its proposals are the creation of shared infrastructure for regulated entities to ensure democratized access to data and computing resources, and the establishment of an AI Innovation Sandbox to test new technologies. The detailed report, now available on the RBI website, provides guidelines to harness AI’s potential while mitigating risks and ensuring ethical standards.