The Reserve Bank of India (RBI) has established an eight-member expert committee to design a framework for responsible and ethical artificial intelligence (FREE-AI) in the financial sector. Chaired by Pushpak Bhattacharyya, a professor at IIT Bombay, the committee aims to craft a comprehensive and adaptable AI governance model.
Its objectives include assessing the current use of AI in financial services within India and globally and reviewing regulatory and supervisory approaches. The committee will identify risks associated with AI and propose strategies for their evaluation, mitigation, and monitoring. These recommendations will target banks, NBFCs, fintech companies, and payment system operators.
Additionally, the committee will focus on governance structures to promote ethical AI adoption in India’s financial ecosystem. Alongside Bhattacharyya, the committee includes experts like Debjani Ghosh, Balaraman Ravindran, Abhishek Singh, Rahul Matthan, Anjani Rathor, Sree Hari Nagaralu, and Suvendu Pati
This initiative reflects RBI’s commitment to ensuring AI is utilized responsibly to enhance innovation while safeguarding financial stability and integrity.
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