India – The Reserve Bank of India (RBI) has formed the Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) Committee, which will help the financial sector adopt ethical AI. The action will be taken per the Monetary Policy Statement regarding leveraging AI in economic opportunities and risks.
The committee, which is chaired by Dr. Pushpak Bhattacharyya, Professor at IIT Bombay, includes Ms Debjani Ghosh (Distinguished Fellow, NITI-Aayog), Dr Balaraman Ravindran (Head, Wadhwani School of AI, IIT Madras) and other eminent members drawn from academia, government, and industry.
The committee will look at AI adoption across the globe, identify risks, and then summarize proposals for governance frameworks to enable the financial sector to be responsible for the integration of such technologies. This will include stakeholder consultation with financial institutions, regulators, and domain experts.
It is expected that the FREE-AI Committee will complete its report within six months of the first meeting. India is taking an essential step toward AI innovation while maintaining ethical standards in the financial ecosystem.
Source: https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=59377
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