Need to eliminate biases in algorithms as AI on the rise: RBI Governor Shaktikanta Das

RBI Governor Shaktikanta Das on Friday emphasised on the need to eliminate biases in algorithms as the use of artificial intelligence (AI) and machine learning (ML) is on the rise.

Delivering the inaugural address at the 18th Statistics Day Conference organised by the RBI, he said the use of statistics had been ever growing as a preferred tool for drawing inferences in diverse fields and the discipline had moved beyond collection of facts to focusing more on interpretation and drawing inferences, taking into account the level of uncertainty.

The Reserve Bank of India (RBI) has ventured into AI/ML analytics in multiple areas. Under the RBI’s aspirational goals for RBI@100, Mr. Das said the central bank was aiming to develop cutting-edge systems for high frequency and real-time data monitoring and analysis.