RBI Sets Up Panel for Ethical AI Use in Finance

In a groundbreaking move, the Reserve Bank of India (RBI) has established a panel dedicated to guiding the ethical adoption of Artificial Intelligence (AI) within the financial sector. This committee, named the Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI), is chaired by Pushpak Bhattacharyya from IIT Bombay.

The panel comprises experts from academia, industry, government, and regulatory bodies. Its primary objectives include evaluating the global and Indian adoption of AI in financial services, reviewing regulatory approaches, identifying potential risks, and proposing frameworks for ethical governance and compliance. The RBI's fintech department will provide support to the committee, which is expected to deliver its comprehensive report within six months.