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The Reserve Bank of India (RBI) has set up a committee to develop a framework for responsible and ethical enablement of artificial intelligence (FREE-AI) in the financial sector.
To execute the development of FREE-AI, the appointed committee will assess AI penetration in the financial sector domestically as well as globally, said the authority in a statement.
Additionally, it will also work on identifying and providing solutions for any potential risk associated with AI in the financial sector. The committee is responsible for making a framework for ethical adoption of AI models in this sector.
The committee, which is chaired by IIT Bombay’s professor Pushpak Bhattacharyya, consists of seven other members including IT ministers, professors and businessmen. It has been instructed to submit a report after six months of its first meeting.
The initiative was announced earlier this month, along with the Monetary Policy Statement, which was released on December 6.
(The story will be updated soon)
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