 "RBI and Indian Banks")
IT industry lobby Nasscom recently released guidelines for the use of generative artificial intelligence (AI) that seek to define frameworks and act as common standards for researching, developing, and using GenAI responsibly. This is a useful first step -- even Sam Altman, CEO of OpenAI, said some form of regulation is important during his recent visit to India. Critically, Nasscom’s draft guidelines highlight certain obligations for researchers, developers, and users to maintain internal oversight throughout the entire lifecycle of a GenAI solution. Guidelines such as these will also need constant updating given that this genie is well and truly out of the box, the second edit points out. Read it here
In other views:
The top edit says the central bank has rightly focused on the inflation target in its latest monetary policy. Read it here
T T Ram Mohan says in the first-ever interaction between RBI and boards of private banks, the latter have been put on notice to become more proactive in exercising their fiduciary duties. Read it here
Jayant Sinha talks of three “grey rhino” crises that could disrupt India's economic growth story: climate disasters, geopolitical confrontations and social strife linked to global events. Read it here
QUOTE OF THE DAY
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“To put it simply, AI is stupid when it comes to creative pursuits. It doesn’t understand complex human emotions’
Founder of a production house to Business Standard
