MUMBAI: RBI has formed a panel to guide ethical AI adoption in the financial sector. The committee on Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) will be chaired by Pushpak Bhattacharyya of IIT Bombay.
Others in the panel include experts from academia, industry, govt, and regulatory bodies. Its mandate includes assessing AI adoption in financial services globally and in India, reviewing regulatory approaches, identifying risks, and recommending frameworks for ethical governance and compliance. RBI’s fintech department will support the committee, which is expected to submit its report within six months.