Nepal Rastra Bank drafts AI guideline for banks and digital payment firms
Summary
Nepal Rastra Bank has drafted AI guidelines to promote responsible and ethical use of AI technologies by licensed banks and digital payment firms, enhancing innovation and financial stability.
Key Points
- Nepal Rastra Bank has prepared draft AI guidelines for licensed banks and financial institutions in Nepal.
- Guidelines apply to commercial banks, development banks, finance companies, microfinance institutions, payment system operators, and payment service providers.
- The draft emphasizes accountability at board and senior management levels for AI use and outcomes.
- Institutions must implement transparent, ethical, and risk-aware AI practices, including risk assessments and customer disclosures.
