Can India govern AI it does not own? RBI’s model risk framework and its limits

RBI's new AI governance rules for banks place significant accountability on financial entities for all predictive models, including third-party ones. While aiming for robust risk management, the guidelines face challenges due to India's reliance on foreign AI models. This dependence raises concerns about biases, lack of local context and potential supply chain disruptions, questioning India's ability to fully govern AI it doesn't own.

Raccontata daeconomictimes.indiatimes.com