FREE-AI Committee Report – Framework for Responsible AI

Description

The Reserve Bank of India’s FREE-AI Committee Report presents a comprehensive framework for the responsible and ethical enablement of Artificial Intelligence (AI) in the financial sector. It highlights the transformative potential of AI while emphasizing the importance of trust, fairness, accountability, and transparency.

The report proposes seven guiding Sutras—Trust, People First, Innovation over Restraint, Fairness, Accountability, Explainability, and Safety—to ensure ethical AI adoption. It also suggests a six-pillar strategy encompassing innovation, governance, protection, and assurance.

Based on extensive stakeholder consultations, global best practices, and sectoral surveys, the report identifies both opportunities and emerging risks such as bias, privacy breaches, and systemic vulnerabilities. The FREE-AI framework aims to harmonize innovation with risk mitigation, positioning India as a global leader in responsible AI development in finance.