India: RBI forms panel to regulate AI use in financial sector under ‘FREE-AI’ initiative

In this article:

• RBI’s Initiative on AI Ethics

  • The Reserve Bank of India (RBI) announced the establishment of a Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) for the financial sector.
  • This move aligns with the RBI’s December Monetary Policy Statement, reflecting a commitment to ethical governance in the technological evolution of finance.

• Committee Leadership and Members

  • Chaired by Pushpak Bhattacharyya, Professor at IIT Bombay’s Department of Computer Science and Engineering.
  • Includes experts like Debjani Ghosh (NITI Aayog fellow, ex-NASSCOM President), Balaraman Ravindran (Head of Wadhwani School of Data Science and AI, IIT Madras), and Abhishek Singh (Additional Secretary, Ministry of Electronics and IT).

• Industry Representation

  • Features members from Microsoft India, HDFC Bank, and Trilegal, ensuring diverse industry insights.