'FREE-AI’ Committee

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About ‘FREE-AI’ Committee:

It is an eight-member panelconstituted by the Reserve Bank of India (RBI) to develop a framework forresponsible and ethical Artificial Intelligence (AI) in the financial sector.
It will be headed by Pushpak Bhattacharyya, Professor, Department of Computer Science and Engineering, IIT Bombay.
The panel includes representatives from NITI Aayog, HDFC Bank, IIT Madras, the Ministry of Electronics and Information Technology, law firm Trilegal, and Microsoft India.
The committee, which will be supported by the RBI’s fintech department, will be required to submit its report within six months from the date of its first meeting.
The committee’s mandate will be to study the present level of AI adoption in financial services and review regulatory and supervisory approaches on AI with a focus on the financial sector globally.
The committee will also recommend a framework including governance aspects for responsible, ethical adoption of AI models for the financial sector.
The committee will also have to identify potential risks associated with AI and recommend an evaluation, mitigation, and monitoring framework for regulated entities.

Q1: What is Artificial Intelligence (AI)?

Artificial Intelligence (AI) refers to the simulation of human intelligence processes by machines, especially computer systems. AI systems are designed to perform tasks that typically require human intelligence, such as learning, reasoning, problem-solving, understanding natural language, and perceiving the environment.

Source: RBI Sets Up ‘FREE-AI’ Committee To Develop AI Framework