Q. Which institution has formed a "Free AI committee" to develop AI framework in financial sector?
Answer: Reserve Bank of India (RBI)
Notes: The RBI formed a committee named FREE-AI to establish a framework for responsible and ethical AI use in the financial sector. The committee is led by Pushpak Bhattacharyya, a professor at IIT Bombay. The committee will propose frameworks for AI governance, risk mitigation, and ethical adoption for banks, NBFCs, FinTechs, and PSOs. It will also address broader AI-related matters in the Indian financial sector. The committee will submit its report within six months of its first meeting.

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