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RBI AI panel calls for balancing innovation with strong risk safeguards

Seven sutras outlined for fair, transparent, and safe AI adoption Subrata Panda Mumbai Listen to This Article The Reserve Bank of India's (RBI's) Committee on the Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the financial sector has recommended an approach that treats the objectives of fostering innovation and mitigating risks as complementary forces to be pursued in tandem. The FREE-AI committee was constituted by the RBI to encourage the responsible and ethical adoption of AI in the financial sector. The committee outlined seven 'sutras' — core principles to guide AI adoption in the financial sector: trust is the foundation; people first; innovation over restraint; fairness and equity; accountability; understandable by design; and safety,