‘FREE-AI’ Committee:
The Reserve Bank of India recently said it has set up a committee, which will be called as FREE-AI, to develop the framework for responsible and ethical enablement of artificial intelligence
- It is an eight-member panel constituted by the Reserve Bank of India (RBI) to develop a framework for responsible and ethical Artificial Intelligence (AI) in the financial sector.
- It will be headed byPushpak Bhattacharyya, Professor, Department of Computer Science and Engineering, IIT Bombay.
- The panel includes representatives from NITI Aayog, HDFC Bank, IIT Madras, the Ministry of Electronics and Information Technology, law firm Trilegal, and Microsoft India.
- The committee, which will be supported by the RBI’s fintech department, will be required to submit its report within six months from the date of its first meeting.
- The committee’s mandate is to study the present level of AI adoption in financial services and review regulatory and supervisory approaches on AI with a focus on the financial sector globally.
- The committee will also recommend a framework including governance aspects for responsible, ethical adoption of AI models for the financial sector.
- The committee will also have to identify potential risks associated with AI and recommend an evaluation, mitigation, and monitoring framework for regulated entities.
