IIT Bombay’s Prof. Pushpak Bhattacharyya, Computer Science and Engineering Department, will lead a groundbreaking initiative – Free-AI Panel-  by the Reserve Bank of India (RBI) to regulate Artificial Intelligence in the finance sector.

He will be joined by industry experts like Ms. Debjani Ghosh (former NASSCOM President), Mr. Balaraman Ravindran (IIT Madras), and Mr. Abhishek Singh (MeitY Startup Hub). This marks a significant step toward responsible AI governance.

With support from Microsoft India, HDFC Bank, and Trilegal, the committee is set to develop ethical AI guidelines for banks, NBFCs, PSOs, and fintech entities. Over the next six months, the initiative aims to balance innovation with accountability, reshaping the financial AI ecosystem in India.

‘FREE-AI’—Fostering Responsible and Ethical Enablement of Artificial Intelligence—is poised to set new standards in fintech AI practices.

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IIT Bombay continues to lead by example, supporting its faculty in pioneering new technologies while fostering an ecosystem where innovation thrives responsibly. The Institute remains committed to not only pushing the boundaries of technological advancement but also ensuring that these innovations are developed with accountability and ethical considerations. As faculty like Pushpak Bhattacharyya contribute to shaping the future of AI, IIT Bombay reaffirms its role in creating solutions that benefit society, demonstrating that progress in technology must always go hand in hand with responsibility for the greater good of the world.