Reserve Bank of India's Initiative on Artificial Intelligence

The Reserve Bank of India (RBI) has taken a significant step towards ensuring the ethical and responsible use of artificial intelligence (AI) by establishing a dedicated panel.

FREE-AI Committee

• The committee is named FREE-AI.
• It is an eight-member panel led by Pushpak Bhattacharyya from the Department of Computer Science and Engineering at IIT Bombay.
• This initiative is supported by the RBI’s fintech department.

Mandate and Objectives

• The committee is tasked with submitting its report within six months from its first meeting.
• Key responsibilities include: 
  • Assessing the current AI adoption levels in financial services.
  • Reviewing regulatory and supervisory approaches concerning AI in the financial sector on a global scale.
  • Recommending a framework for the responsible and ethical adoption of AI models in the financial sector, focusing on governance aspects.
  • Identifying potential risks associated with AI and suggesting evaluation, mitigation, and monitoring strategies for regulated entities.

Committee Members

• The panel includes: 
  • Suvendu Pati, Chief General Manager at the RBI
  • Abhishek Singh, Additional Secretary, Ministry of Electronics and IT
  • Debjani Ghosh, Independent Director for Reserve Bank Innovation Hub
  • Dr. Balaraman Ravindran of IIT Madras
  • Rahul Matthan, Partner at Trilegal
  • Anjani Rathor, Chief Digital Officer at HDFC Bank
  • And others contributing to this initiative