The Reserve Bank of India (RBI) has constituted an eight-member committee to develop a framework for the ethical and responsible adoption of Artificial Intelligence (AI) in the financial sector.
About Dr. Pushpak Bhattacharyya Committee:
- Established by: Reserve Bank of India (RBI)
- Members: 8
- Chairperson: Pushpak Bhattacharyya, Professor at IIT Bombay
- Objective:
To develop a Framework for Responsible and Ethical Enablement of AI (FREE-AI) in the financial sector, ensuring secure and ethical AI adoption.
Key Focus Areas:
- Global and Domestic AI Trends: Analyze AI adoption in financial services globally and within India.
- Risk Management: Identify AI-related risks in finance and recommend strategies for evaluation, mitigation, and monitoring.
- Regulatory Compliance: Suggest compliance measures for banks, NBFCs, fintech companies, and payment operators.
- Ethical Governance: Propose a governance framework for responsible AI use in the Indian financial sector.
