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RBI sets up committee to draft a responsible AI framework for Indian finance

See how this story connects

Source: Reserve Bank of India

The Reserve Bank of India named an eight-member committee on 26 December 2024 to develop a Framework for Responsible and Ethical Enablement of AI (FREE-AI) in the financial sector, chaired by Pushpak Bhattacharyya of IIT Bombay. Its terms of reference cover assessing AI adoption in Indian finance, reviewing other regulators’ approaches, identifying risks, and recommending a governance framework for banks, NBFCs, fintechs and payment system operators.

Why it matters

Indian banks, NBFCs and fintechs learned that the RBI would set AI governance expectations for them, through a committee whose 2025 report became the FREE-AI framework.

When
26 Dec 2024
ID
WTA-N-2024-0158
Where
India
Who
Reserve Bank of India, IIT Bombay; Pushpak Bhattacharyya
Rules involved

Summary by wheresthe.ai, from Reserve Bank of India. Checked against the source on 9 Oct 2026.

Read the original at Reserve Bank of India

Source copy: download the page as saved on 18 Oct 2026 (PDF). Document the source offers: document 1 (PDF). Also held by the Internet Archive.

Next stop on this Storyline: What happened nextRBI drafts model risk rules covering AI/ML for all regulated lenders

Cite this story

WTA-N-2024-0158: “RBI sets up committee to draft a responsible AI framework for Indian finance.” wheresthe.ai, 26 Dec 2024. https://wheresthe.ai/d/in-rbi-free-ai-committee-2024-12/ (source: Reserve Bank of India).

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