Nepal Rastra Bank has started preparing to formulate AI-related rules for banks and financial institutions. With the rapid development of AI, new risks are also increasing in the financial sector, and the National Bank is preparing to formulate guidelines for the use of AI for the first time.

The bank has made public the draft of the ‘Artificial Intelligence Guidelines’ guidance as announced in the monetary policy of the fiscal year 2081/82 and has sought opinions and suggestions.

The Rastra Bank says that the guidelines have been prepared to adopt AI in a responsible, transparent and ethical manner. It is said that the guidelines are being brought with the main objective of creating an environment for the safe and effective use of AI technology, increasing the efficiency, innovation and quality of services in the financial sector, transparency, data privacy, risk reduction and promoting financial services that reach all classes of citizens.

Stakeholders can submit their opinions and suggestions by the upcoming Poush 15. Suggestions can be sent in writing or via email to nrbbfirdppd@nrb.org.np.