Artificial Intelligence (AI) is transforming the banking sector by enabling faster decision-making, improved customer experiences, and operational efficiency. However, it also introduces risks such as bias, model errors, data privacy issues, and regulatory challenges. AI auditing ensures these systems are ethical, transparent, and accountable throughout their lifecycle. Frameworks like RBI’s FREE-AI, along with global standards such as NIST AI RMF and CSA AICM, guide banks in implementing responsible AI. The way forward involves pragmatic guardrails, continuous monitoring, human oversight, and multi-stakeholder collaboration to balance innovation with risk, ensuring trustworthy and inclusive AI-driven banking.
Click to View MoreJudiciary is integrating AI for efficient, transparent, and accessible justice. Initiatives like SUPACE and SUVAS help judges with research and translation. However, AI presents ethical challenges like data privacy and algorithmic bias. A human-centric approach is crucial for fairness, justice, and accountability.
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