RBI - FREE-AI Committee Report: Framework for Responsible and Ethical Enablement of Artificial Intelligence in the Financial Sector
AI / PRIVACY / CYBER RELEVANCE
High-value policy source for financial AI, especially AI data lifecycle, DPDP alignment, model governance, accountability and consumer protection.
AI: Very HighPrivacy: HighCybersecurity: High
READ FIRST
- Recommendation 15 - data lifecycle governance
- recommendation 14 - board-approved AI policy
- recommendations on AI product approval, accountability and consumer protection
PURVIEW
Presents the RBI’s expert committee framework for the responsible and ethical enablement of AI in the financial sector. It examines governance, ethics, risk management, accountability, explainability, robustness, data governance, consumer protection, cybersecurity and institutional capacity for financial-sector AI. For privacy and data protection, its focus on data governance, accountability, security and responsible use provides a sector-specific bridge between emerging AI risks and the binding RBI technology, cyber and consumer-protection frameworks.
Classification and legal status. Committee report and recommendations; non-binding unless separately implemented by RBI through directions/circulars.