RBI sets up panel for ethical AI use

MUMBAI: RBI has formed a panel to guide ethical AI adoption in the

financial sector

. The

committee

on Framework for Responsible and Ethical Enablement of

Artificial Intelligence

(FREE-AI) will be chaired by Pushpak Bhattacharyya of

IIT Bombay.
Others in the panel include experts from academia, industry, govt, and regulatory bodies. Its mandate includes assessing AI adoption in financial services globally and in India, reviewing regulatory approaches, identifying risks, and recommending frameworks for ethical governance and compliance. RBI’s fintech department will support the committee, which is expected to submit its report within six months.