The Reserve Bank of India (RBI) on December 26, 2024, notified regarding the setting up of a committee to develop a Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the Financial Sector.
The following has been stated namely: -
• It states that the RBI's FinTech Department will support the Committee and may invite experts, industry representatives, and stakeholders for consultations and deliberations.
• It states that the Committee will assess AI adoption in financial services, review global practices, identify risks, and recommend frameworks for ethical, responsible AI use in India's financial sector.
• It further states that the Committee will submit its report within six months from the date of its first meeting.
[Press Release no. - 2024-2025/1779]
