REPORT OF THE COMMITTEE TO DEVELOP A FRAMEWORK FOR RESPONSIBLE AND ETHICAL ENABLEMENT OF ARTIFICIAL INTELLIGENCE (FREE-AI) IN THE FINANCIAL SECTOR

MUMBAI, India, Aug. 13 -- Reserve Bank of India issued the following press release:

In pursuance to the announcement made in the Statement on Developmental and Regulatory Policies released along with the Monetary Policy Statement dated December 06, 2024, the Reserve Bank of India had set up the committee to develop a Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the Financial Sector on December 26, 2024.

2. The Committee, after extensive deliberations with diverse stakeholders, has since submitted its report and the same is being placed on the RBI website.

3. The report sets out a framework to guide the use of AI in the financial sector, aiming to harness its potential while safeguarding against...