RBI Constitutes Committee for Ethical AI Framework in Financial Sector
| Key Points | Details |
|---|---|
| Why in News | RBI constituted an 8-member committee to develop a Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the financial sector. |
| Committee Chairperson | Pushpak Bhattacharyya, Professor, Department of Computer Science and Engineering, IIT Bombay. |
| Committee Members | Debjani Ghosh (Independent Director, RBI Innovation Hub), Balaraman Ravindran (Professor, IIT Madras), Abhishek Singh (Additional Secretary, Ministry of Electronics and IT), Rahul Matthan (Partner, Trilegal), Anjani Rathor (Group Head, HDFC Bank), Sree Hari Nagaralu (Head of Security AI Research, Microsoft India), Suvendu Pati (CGM, FinTech Department, RBI). |
| Objective of the Committee | To assess AI adoption, review regulatory practices, identify risks, and recommend governance frameworks for ethical AI usage in the financial sector. |
| Institutions Covered | Banks, NBFCs, FinTechs, Payment System Operators (PSOs). |
| Timeline for Report Submission | Within six months from the first meeting. |
| Announcement Made During | RBI's December monetary policy meeting. |
| Static Point: IIT Bombay | Location: Mumbai, Maharashtra; Founded: 1958; Known for: Excellence in engineering and technology education. |