FREE-AI: RBI’s Ethical AI Panel

The Reserve Bank of India (RBI) has launched an eight-member panel named FREE-AI to create ethical guidelines for AI use in financial services. Chaired by Pushpak Bhattacharyya of IIT Bombay, the panel includes experts from RBI, the Ministry of Electronics and IT, and leading institutions. FREE-AI will study current AI applications, assess risks, and review global regulatory practices to propose a framework emphasizing governance, risk management, and ethical AI deployment. Supported by RBI’s fintech department, the panel will submit its findings within six months to ensure responsible AI practices align with India’s regulatory environment.