By Our Reporter
SHILLONG, Aug 17: The All India Bank Officers’ Confederation (AIBOC) has voiced strong concerns over the Reserve Bank of India’s proposed “Framework for Responsible and Ethical Enablement of Artificial Intelligence” (FREE-AI), warning that its unilateral roll-out without consultations could harm consumers, workers, and public sector banks.
While welcoming the RBI’s emphasis on trust, fairness, accountability and safety, AIBOC said these principles must be backed by enforceable rights and protections. The Confederation cautioned that hasty adoption of AI could lead to legal uncertainty, consumer exclusion, and added pressure on already stretched PSBs.
In a statement, the AIBOC has called for the formation of a National Council for AI in Banking with representation from trade unions, civil society and consumer groups, alongside structured consultations before any mandates are finalised. It also stressed the need for safeguards such as moratoriums on high-risk AI use, guarantees against forced redundancies, clear accountability frameworks, and mandatory rights for customers to seek human review of algorithmic decisions.
Reiterating that technology cannot substitute public trust, AIBOC said responsible AI can only strengthen the banking sector if it is implemented through dialogue, enforceable safeguards, and a roadmap that prioritises workers and consumers.
