RBI Governor Shaktikanta Das emphasises on need to eliminate biases in algorithms
Delivering the inaugural address at the 18th Statistics Day Conference organised by the Reserve Bank of India (RBI), he said the use of statistics has been ever growing as a preferred tool for drawing inferences in diverse fields and the discipline has moved beyond collection of facts to focusing more on interpretation and drawing inferences, taking into account the level of uncertainty.
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 Reserve Bank of India (RBI), he said the use of statistics has been ever growing as a preferred tool for drawing inferences in diverse fields and the discipline has moved beyond collection of facts to focusing more on interpretation and drawing inferences, taking into account the level of uncertainty.
This shift, Das said has allowed statistics to become an integral part of other major disciplines.
The surge in computing power is being increasingly harnessed in combination with statistical methods to improve efficiency in decision making and enrich end-user experience in various fields of human knowledge.
"Looking ahead, the year 2025 has a special significance for compilation of official statistics the world over. Global efforts are expected to culminate in new global standards for compilation of macroeconomic statistics, especially for national accounts and balance of payments," he said, and added the team in the Reserve Bank is closely tracking these developments.
He further said RBI is making efforts to harness the availability of huge computing power and growing digital footprints to analyse measures of expectations, sentiment indicators and policy credibility measures from alternative data sources.
The governor emphasised that the volume of digital data stored as well as the storage capacity are growing at an exponential pace, bringing forth new challenges along with new opportunities.
"The focus now is naturally on enhancing capacity in artificial intelligence (AI) and machine learning (ML) techniques and analysing unstructured textual data.
While doing so, ethical considerations need to be addressed and biases in algorithms need to be eliminated," he said.The Reserve Bank has ventured into AI/ML analytics in multiple areas.
Under the Reserve Bank's aspirational goals for RBI@100, he said the central bank is aiming to develop cutting edge systems for high frequency and real-time data monitoring and analysis.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
03:16 PM IST