AIBOC raises concern over implementation of Free-AI in banking

The All India Bank Officers Confederation (AIBOC) has raised concerns over the implementation of the framework proposed by the RBI called "Responsible and Ethical AI for Augmentation" (Free-AI).

Sanjay Datta, secretary of AIBOC, Tripura State through a press statement said that the All-India General Secretary of AIBOC, Rupam Roy said that if the framework is implemented without consultation with trade unions, civil society groups and consumer organisations, it will create legal uncertainty, harm customers, weaken the vulnerable segments and further increase the pressure on already burdened public sector banks (PSBs).

He said that if it is not implemented as a legal right for customers and protection for employees, instead of reducing AI risks, it may actually increase them.

 He demanded the formation of a National Artificial Intelligence Council, restrictions on the use of AI in high-risk areas, mandatory disclosure of AI use, prior information of any adverse action, provision of human review, right to local language and proper compensation mechanism.