ML Model Validation Best-practice

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The Reserve Bank of India released a circular on “Regulatory Principles for Management of Model Risks in Credit” to all the financial organisations in the country, urging all Financial Institutions which includes Commercial Banks, State Cooperative Banks & Central Cooperative Banks, Non-Banking Financial Companies (including Housing Finance Companies), All-India Financial Institution to establish board-approved risk management policies to strengthen the reliability on the credit scoring models. The central bank also suggested to validate the models using external model validation experts along with maintaining ongoing reviews of these models.

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