Official recommendation report or announcement by the Reserve Bank of India

RBI Forms Eight-Member Committee for FREE-AI Initiative on Ethical AI Framework in Financial Sector

Dec 26, 2024, 09:46 AM

The Reserve Bank of India (RBI) has established an eight-member committee tasked with developing a framework for the responsible and ethical use of artificial intelligence (AI) in the financial sector. This initiative, referred to as the Framework for Responsible and Ethical Enablement (FREE-AI), aims to ensure that AI technologies are utilized effectively while addressing potential risks associated with their deployment. The formation of this committee follows a panel of experts' recommendation for a legal framework that would facilitate government collaboration with AI developers in the event of serious issues arising from AI technologies.