The FREE AI Framework: Regulating AI in Financial Sector
On 13th August 2025, the Reserve Bank of India (RBI) issued a report, titled ‘Framework for Responsible and Ethical Enablement of Artificial Intelligence’ (FREE-AI Report) based on the recommendations proposed by the FREE-AI Committee (Committee).
- The Committee was constituted in December 2024 to identify risks stemming from Artificial Intelligence (AI) adoption and recommend regulatory frameworks on AI adoption in the financial sector.
Key Insights from the Report
Need for Regulation
- RBI acknowledges that there is a need to ensure that application and adoption of AI and ML systems is responsible and ethical.
- No harm shall arise from their use in the ....
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