Mumbai, Oct. 8 -- Reserve Bank of India Deputy Governor T Rabi Sankar said that the path for responsible AI in India's financial sector is exciting yet deliberate, demanding a phased approach that balances innovation, inclusion and stability. AI literacy for consumers to understand both the potential and risks of AI will be critical, he said. Just as financial literacy has been a national priority, the coming decade will require a parallel focus on AI literacy, for individuals to engage confidently and safely with these new tools.
Speaking at a session on 'Responsible AI for Finance, he noted that the focus needs to be on awareness and capacity building. Financial institutions, technology providers, and regulators must train personnel, s...
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