The Reserve Bank has constituted an eight-member committee to develop a Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the Financial Sector. According to an official press release, the committee will be headed by Dr. Pushpak Bhattacharyya, who serves as a Professor in the Department of Computer Science and Engineering at IIT Bombay. The committee will assess the current level of adoption of AI in financial services, both globally and in India. The committee will also identify potential risks associated with AI, if any, and recommend an evaluation, mitigation, and monitoring framework.