<ul><li>The Reserve Bank of India (RBI) has set up a committee called FREE-AI to develop a framework for responsible and ethical enablement of artificial intelligence.</li><li>The committee will assess the current level of AI adoption in financial services globally and in India and review regulatory and supervisory approaches on AI in the financial sector.</li><li>FREE-AI will identify potential risks associated with AI and recommend an evaluation, mitigation, and monitoring framework. It will also focus on compliance requirements for financial institutions and recommend responsible adoption of AI in the Indian financial sector.</li><li>The committee will comprise of experts from various fields and will recommend a robust and adaptable AI framework for the financial sector.</li></ul>

RBI Sets Up 'FREE-AI' Committee To Develop AI Framework

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