Last Updated on 28/02/2022 by Nidhi Khandelwal
With the growing usage of artificial intelligence (AI) in the financial sector, NITI Aayog Senior Adviser Anna Roy said on Monday that policymakers must ensure that the regulatory framework does not stifle innovation.
Roy said the government is also working to expand the use of AI in the pension and insurance sectors to benefit customers and expand the coverage of social security schemes, while speaking at a virtual conference on ‘AI in Indian Financial Services – Uncovering Ground Truth’ organized by industry body FICCI.
Roy went on to say that, given the digital divide, digital literacy, and cyber security concerns, the application of AI in financial services has a lot of potential.
“The government’s approach has been to take the lead and be the major driver in sectors represented by public goods, whereas the government’s involvement in sectors like the financial industry is more of an enabler and catalyst,” she explained.
Roy, who emphasized the need for transparency in policy and regulations, stated that the government takes a participatory approach when formulating any policy.
“I believe that transparency in policymaking is critical, and that all stakeholders must work together to achieve a single goal,” she stated.