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 MoreRapid urbanisation in the Himalayan foothills is changing rainfall patterns, causing heavier rains and longer dry spells. This shift increases flood risks and water scarcity, threatening ecosystems and communities. Advanced tools like machine learning help predict extreme events, but challenges remain in data gaps and infrastructure. Effective policies focused on sustainable urban planning, climate adaptation, and community involvement are crucial to manage these hydroclimatic changes and ensure water security.
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