Algorithms should be able to explain reasoning behind decisions to customers: RBI Murmu

The Reserve Bank of India mandates that lenders provide explanations for credit application rejections, emphasizing the need for transparent algorithms. This move ensures equitable access to financial resources. Moreover, institutions are urged to safeguard against potential threats posed by quantum computing. Rather than diminishing lender accountability, technology must amplify credit accessibility and empower customer choice, while regulated entities remain liable for all services offered under their banner.