RBI panel suggests a comprehensive AI policy framework for the financial sector, focusing on innovation & risk mitigation

An RBI committee proposes an adaptable AI policy for the financial sector, focusing on innovation, risk control, and consumer protection. It recommends consolidated AI guidance, an AI Liability Framework, board-approved AI policies, and audit systems. Experts highlight benefits and concerns—Pranesh Prakash warns of auditability issues, while Srikanth L says it favors industry over consumers. The plan includes an AI Standing Committee and governance for autonomous AI systems.