RBI's FREE-AI framework will require governance structures, capacity building

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Experts believe the RBI's FREE-AI framework necessitates significant investment and cultural shifts for banks. It emphasizes fairness, explainability, and robustness in AI systems, transforming responsible AI into a compliance requirement. While upfront costs may challenge some, long-term benefits like improved decision-making and customer trust are anticipated, with data quality and bias removal being critical hurdles.