AI in Finance
RBI Sets Up Panel to Develop a Framework on Ethical Use of AI in Financial Sector
The Reserve Bank of India (RBI) is taking a major step toward responsible AI integration in banking by forming an eight-member committee to develop the Framework for Responsible and Ethical Enablement of AI (FREE-AI). Led by IIT Bombay professor Dr. Pushpak Bhattacharyya, the committee aims to ensure fairness, transparency, and accountability in AI-powered financial services.
As AI transforms banking operations, concerns over bias, security, and ethical risks continue to grow. The RBI’s initiative seeks to balance innovation with responsibility, creating guidelines for banks, fintech firms, and financial institutions to adopt AI securely and ethically.
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