The Reserve Bank of India released the report of its committee on a Framework for Responsible and Ethical Enablement of AI (FREE-AI) in the financial sector. It sets out 7 'sutras' (guiding principles) and 26 recommendations across six pillars, covering infrastructure, policy, capacity, governance, protection and assurance.
Why it matters
It is the reference blueprint for how RBI-regulated banks, NBFCs and fintechs are expected to govern AI, and the starting point for any binding RBI rules that follow.
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- DevelopmentRBI drafts model risk rules covering AI/ML for all regulated lenders24 Jun 2026 · Rule change · INPut into practice by: Operationalises FREE-AI governance recommendations through model risk rules
What led here
Earlier developments on the same thread
- DevelopmentCalifornia finalises civil-rights rules for AI in hiring, effective 1 Oct 202527 Jun 2025 · Rule change · US-CA
- DevelopmentILO refined index: one in four jobs worldwide exposed to generative AI20 May 2025 · Research · INTL
What happened next
Later developments on the same thread
- DevelopmentOMB memo M-26-04 makes 'unbiased AI' terms mandatory in federal LLM contracts11 Dec 2025 · Policy · US
- DevelopmentColorado repeals its AI Act before it starts, replaces it with lighter ADMT law14 May 2026 · Rule change · US-CO
- DevelopmentSEBI chief says AI/ML rules will mandate kill switches and human oversight19 Aug 2026 · Statement · IN
- DevelopmentKansas City Fed's Schmid asks whether the AI ecosystem is becoming too big to fail25 Sep 2026 · Statement · US
Same story elsewhere
What other countries and bodies did on this
- DevelopmentUS Treasury releases AI lexicon and finance-specific AI risk framework19 Feb 2026 · Policy · US
- DevelopmentMAS consults on AI risk management guidelines for all financial institutions13 Nov 2025 · Rule change · SG
- DevelopmentAttorney General sets up DOJ AI Litigation Task Force to challenge state AI laws9 Jan 2026 · Programme · US, US-CO
- DevelopmentNY Comptroller finds New York City barely enforces its AI hiring law2 Dec 2025 · Enforcement or ruling · US-NY
Rules in play
Laws and guidance this touches
- RuleRBI FREE-AI FrameworkIN · In force · 13 Aug 2025
- RuleSEBI Reg 16C (AI responsibility)IN · In force · 6 Feb 2025
- RuleRBI draft Model Risk Management guidanceIN · In consultation · 24 Jun 2026
- RuleICMR AI health ethics guidelinesIN · In force
- RuleColorado AI Act (SB 24-205)US-CO · Superseded · 17 May 2024
Threads by topic: Financial risk Standards and codes Bias