RBI Establishes Panel for Ethical AI Use in Financial Sector

February 17, 2025February 17, 2025 admin 0 Comments AI adoption., AI compliance, AI Ethics, AI Governance, AI in finance, AI policy, AI risks, AI trends, Artificial Intelligence, Ethical AI, Financial Sector, Fintech, fintech innovation, fintech regulations, FREE-AI, IIT Bombay, India banking, rbi, RBI panel, regulatory framework, Responsible AI

The Reserve Bank of India has set up a panel named Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) to oversee the ethical adoption of AI in the financial sector. The committee, chaired by Pushpak Bhattacharyya of IIT Bombay, includes experts from academia, industry, government, and regulatory bodies.

The panel’s mandate encompasses assessing global AI adoption trends, identifying risks, reviewing regulatory frameworks, and suggesting ethical governance models. The RBI’s fintech department will assist the committee, which is expected to submit its report within six months.