New Delhi, Sept. 1 -- India should develop multi-sectoral regulatory sandboxes to accelerate artificial intelligence (AI) adoption while enabling financial institutions and regulators to test new applications in controlled environments, Debasish Prusty, Additional Secretary, Department of Financial Services (DFS), said on August 31.

Speaking at the Punjab National Bank AI Summit, Prusty said banks and financial institutions are increasingly experimenting with AI and require an enabling regulatory framework to support responsible adoption, reported Money Control.

Regulatory Sandboxes Seen As Key To AI Adoption

He noted that India remains at an early stage of AI adoption across the banking, financial services and insurance (BFSI) sector ...