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