AI to reduce uncertainties in financial sector: RBI deputy governor

Trichy: The emerging role of artificial intelligence (AI) in the financial ecosystem would reduce uncertainties and expand opportunities for all stakeholders to enhance inclusion, maximise efficiency and strengthen trust, said RBI's deputy governor Swaminathan J. He was speaking at the City Union Bank (CUB) V Narayanan Memorial Lecture conducted at Sastra University in Thanjavur on Saturday.Swaminathan laid down five-point charter guidelines for full-scale AI adoption in the financial and banking industry. These include human responsibility, fairness and explainability, strong data governance, institutional adoption of maturity, and inclusivity by design to ensure fair outcomes, transparency, humane approach, democratisation and risk prevention. Speaking on the topic ‘AI in finance - what can change and what should not', Swaminathan said, "Financial decision-making cannot be a black box theory, and it requires tremendous institutional responsibility." G Mahalingam, CUB Chairman, S Vaidhyasubramaniam, vice-chancellor, Sastra University, and N Kamakodi, MD and CEO of CUB, were at the event.