Kathmandu. Nepal Rastra Bank (NRB) is going to introduce ‘Artificial Intelligence Guidelines’ (AI Guidance). <\/p>\n
The central bank has prepared a draft of the AI guidance and made it public. The main objective of this guidance is to further streamline the regulation of banks and financial institutions licensed by the Rastra Bank. <\/p>\n
Main purpose of guidance<\/strong><\/span><\/p>\n }<\/p>\n Adopting AI technology in a way that improves efficiency, innovation, and customer experience, ensuring financial stability, integrity, and operational flexibility.TAG_OPEN_li_23 <\/li>\n<\/p>\n Mitigating AI-related risks, including operational, ethical, systemic, model, and cyber risks, and ensuring that banks and financial institutions have appropriate governance structures in place to manage these risks.TAG_OPEN_li_21 <\/li>\n<\/p>\n Promote a competitive and inclusive financial sector that uses AI to provide accessible and affordable financial services to all segments of the population.TAG_OPEN_li_20 <\/li>\n<\/p>\n<\/ul>\n These guidelines are applicable to banks and financial institutions licensed by the Rastra Bank. This guideline will be applicable to commercial banks, development banks, finance companies, microfinance institutions, Nepal Infrastructure Bank, Payment System Operators (PSOs) and Payment Service Providers (PSPs). <\/p>\n These guidelines cover but are not limited to the use of AI in a variety of applications, including credit scoring, fraud detection, customer service, risk management, and compliance monitoring. <\/p>\n\n