Dhaka, Nov. 9 -- Bangladesh Bank is in the process of formulating a comprehensive policy to regulate the use of Artificial Intelligence (AI) in the banking sector.

The primary goal of the policy is to ensure the safe and effective deployment of AI technology for purposes including fraud prevention, risk management, economic forecasting, enhancing internal efficiency and improving customer service.

A special seven-member team from the central bank's Information Technology (IT) Division has started work on the policy.

According to sources, the team is expected to prepare a draft based on international standards within the next two months.

They said Muhammad Zakir Hossain, Executive Director of Bangladesh Bank, is coordinating the entire...