Black box to sandbox

Framework needed for responsible AI adoption in finance

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The Reserve Bank of India's (RBI's) Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) committee released its final report last week, proposing guidelines for the responsible use of artificial intelligence (AI) in the financial sector. The framework is anchored around seven guiding "sutras" or principles — trust, people first, innovation, fairness, accountability, explainability, and resilience — and is backed by 26 actionable recommendations across six pillars — infrastructure, policy, capacity, governance, protection, and assurance.