RBI Forms Panel On AI Adoption

Mumbai: The Reserve Bank of India (RBI) on Thursday announced the setting up of an eight-member committee to develop a framework for responsible and ethical enablement of artificial intelligence (FREE-AI) in the financial sector.

Headed by IIT Bombay professor Pushpak Bhattacharyya (Department of Computer Science and Engineering), the panel will assess the current level of adoption of AI in financial services, globally as well as in India. It will also review regulatory and supervisory approaches on AI with focus on the financial sector globally. The Committee will submit its report within six months from the date of its first meeting, the RBI said.