<ul><li>The Reserve Bank of India (RBI) has announced the creation of an eight-member committee called FREE-AI to develop a framework for ethical AI use in the financial sector.</li><li>The committee will be chaired by Professor Pushpak Bhattacharyya from IIT Bombay and will assess the adoption of AI in financial services and review regulatory practices.</li><li>The committee's responsibilities include analyzing risks, suggesting compliance measures, and developing a governance structure for the ethical adoption of AI models in the financial sector.</li><li>The RBI expects the committee to submit its report within six months from its first meeting, demonstrating the central bank's commitment to maintaining ethical standards while fostering innovation.</li></ul>

RBI Announces ‘FREE-AI’ Committee To Ensure Ethical AI In Finance

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