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RBI Sets Up Panel on Responsible AI in Banking

2 min read

Reserve Bank of India's Initiative on Artificial Intelligence

The Reserve Bank of India (RBI) has taken a significant step towards ensuring the ethical and responsible use of artificial intelligence (AI) by establishing a dedicated panel.

FREE-AI Committee

  • The committee is named FREE-AI.
  • It is an eight-member panel led by Pushpak Bhattacharyya from the Department of Computer Science and Engineering at IIT Bombay.
  • This initiative is supported by the RBI’s fintech department.

Mandate and Objectives

  • The committee is tasked with submitting its report within six months from its first meeting.
  • Key responsibilities include: 
    • Assessing the current AI adoption levels in financial services.
    • Reviewing regulatory and supervisory approaches concerning AI in the financial sector on a global scale.
    • Recommending a framework for the responsible and ethical adoption of AI models in the financial sector, focusing on governance aspects.
    • Identifying potential risks associated with AI and suggesting evaluation, mitigation, and monitoring strategies for regulated entities.

Committee Members

  • The panel includes: 
    • Suvendu Pati, Chief General Manager at the RBI
    • Abhishek Singh, Additional Secretary, Ministry of Electronics and IT
    • Debjani Ghosh, Independent Director for Reserve Bank Innovation Hub
    • Dr. Balaraman Ravindran of IIT Madras
    • Rahul Matthan, Partner at Trilegal
    • Anjani Rathor, Chief Digital Officer at HDFC Bank
    • And others contributing to this initiative
  • Tags :
  • AI
  • FREE-AI Committee
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