Current Affairs · RBI Committees and AI Governance
With reference to the Reserve Bank of India's stance on emerging technologies, which of the following statements most accurately reflects the mandate of the FREE-AI Committee?
- 1The committee is tasked with assessing the current level of AI adoption globally and domestically, identifying potential risks, and proposing a governance framework for responsible and ethical AI adoption in Indian financial institutions.✓
- 2The committee is expected to draft penal guidelines under the Payment and Settlement Systems Act for entities deploying unauthorized AI models.
- 3The committee is tasked with launching a centralized sovereign AI framework managed exclusively by the RBI to process cross-border foreign exchange transactions.
- 4The committee is mandated to enforce a mandatory transition to AI-driven algorithms for all Tier-1 capital adequacy calculations across Scheduled Commercial Banks.
Correct answer
The committee is tasked with assessing the current level of AI adoption globally and domestically, identifying potential risks, and proposing a governance framework for responsible and ethical AI adoption in Indian financial institutions.
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