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ARTICLE · 09 MAY 2025

Market Intelligence Thought Leadership Award Winner

AI In Financial Sector: Ethical Use And Legal Frameworks

S.S. Rana & Co.
S.S. Rana & Co.
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S.S. Rana & Co.

S.S. Rana & Co.

Established in 1989, S.S. Rana & Co. is a premier intellectual property and corporate law firm...

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Recently Paris hosted an AI summit co-chaired by Prime Minister Narendra Modi, where he underscored the importance of developing high-quality datasets that are free from biases.

IndiaTechnology
Vikrant Rana
Vikrant Rana
Anuradha Gandhi
Anuradha Gandhi
Rachita Thakur
Rachita Thakur
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Introduction

Recently Paris hosted an AI summit co-chaired by Prime Minister Narendra Modi, where he underscored the importance of developing high-quality datasets that are free from biases. He highlighted the critical role that the data used to train AI models plays in shaping their effectiveness and fairness. Prime Minister emphasized on the need to democratize technology, create people centric applications. He also welcomed the establishment of an AI Foundation and a Council for Sustainable AI.1

In the same line Reserve Bank of India (hereinafter referred to as RBI) is working towards developing the framework for responsible and ethical enablement of Artificial Intelligence2. On November 26, 2024 RBI sets up an eight member committee, called FREE-AI, to be headed by Dr. Pushpak Bhattacharyya, Professor, Department of Computer Science and Engineering, IIT Bombay along with six other members. The step came as a result of growing landscape of financial sector

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