The Reserve Bank of India (RBI) has constituted an eight-member committee to develop a Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the Financial Sector.
- The committee will be headed by Dr. Pushpak Bhattacharyya, who serves as a Professor in the Department of Computer Science and Engineering at IIT Bombay.
- The committee will assess the current level of adoption of AI in financial services, both globally and in India.
- The committee will also identify potential risks associated with AI, if any, and recommend an evaluation, mitigation, and monitoring framework.
