India, Aug. 14 -- With AI-driven innovations rapidly reshaping various sectors, a Reserve Bank of India (RBI) panel has called for a comprehensive AI policy framework for the financial industry.

In the medium term, such a framework would provide flexible, forward-looking guidance around AI-innovation, adoption and risk mitigation.

As per a Business Standard report, the panel, set up to develop a framework for responsible and ethical enablement of artificial intelligence (FREE-AI) in the financial sector, suggests setting up of a shared infrastructure by all the regulated entities falling under the RBI to democratise access to data and computing that eventually leads to an AI innovation Sandbox.

Terming it as the "7 Sutras" that represe...