RBI MPC Announcements: Guv Shaktikanta Das Announces Committee To Develop AI Ethics Framework, Podcast To Engage Stakeholders

RBI MPC Announcements: Governor Das underscored the transformative impact of the growing influence of technologies like AI, tokenisation, and cloud computing on the financial sector.

RBI MPC Meeting December 2024: The Reserve Bank of India (RBI) announced its fifth bi-monthly monetary policy for FY25 on Friday, keeping the benchmark repo rate unchanged at 6.5 per cent for the 11th consecutive meeting. RBI Governor Shaktikanta Das stated that the Monetary Policy Committee (MPC) unanimously decided to maintain a "neutral" policy stance, emphasising stability in the current economic environment.

RBI MPC Announcements: Advancing Technology and AI Ethics

The RBI unveiled plans to establish a specialised committee comprising experts from various sectors to develop a framework for the responsible and ethical use of artificial intelligence.

Highlighting the growing influence of technologies like AI, tokenisation, and cloud computing, Governor Das underscored their transformative impact on the financial sector.

How Mulehunter.AI Can Combat Financial Frauds

Das also mentioned Mulehunter.AI during his MPC address. The RBI's innovation hub, Reserve Bank Innovation Hub (RBIH), earlier this year announced “Mulehunter.AI,” a cutting-edge tool designed to identify and prevent financial fraud.

By leveraging advanced AI capabilities, the platform detects “mule accounts” often used for illegal money laundering activities. Traditional methods of identifying such accounts have proven inefficient and error-prone, but Mulehunter.AI enhances both speed and accuracy.

Two major public sector banks have already adopted the tool, with discussions underway to onboard 10 more institutions. The technology has been fine-tuned through the analysis of 19 unique patterns of mule account activity, offering promising results in fraud detection.

RBI MPC Announcements: Engaging Through Podcasts

To foster greater transparency and connect with the public, the RBI announced the launch of its own podcast series. Governor Das emphasised this as a step towards modernising the central bank’s communication strategy and enhancing stakeholder engagement.

The RBI's latest policy reflects its commitment to balancing economic stability with technological innovation and security in the financial ecosystem.