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RBI Forms 8-Member 'FREE-AI' Committee To Guide Ethical Use Of AI In Financial Sector

The Reserve Bank of India (RBI) has taken a significant step towards ensuring the responsible use of Artificial Intelligence (AI) in the financial sector by forming an 8-member committee called 'FREE-AI'. This committee, chaired by Professor Pushpak Bhattacharyya from IIT Bombay, aims to recommend a framework for the ethical adoption of AI models and applications in the Indian financial sector.

The committee's terms of reference include assessing the current level of AI adoption in financial services, reviewing regulatory approaches globally, identifying potential risks associated with AI, and recommending a framework for responsible AI use. They will also evaluate the governance aspects of AI adoption in financial institutions, including banks, NBFCs, FinTechs, and Payment System Operators.

Other notable members of the committee include Debjani Ghosh, Distinguished Fellow at NITI Aayog, Abhishek Singh, Additional Secretary at the Ministry of Electronics and Information Technology, and Anjani Rathor, Group Head and Chief Digital Experience Officer at HDFC Bank. The committee is expected to submit its report within six months from the date of its first meeting  .