Union Finance Minister Nirmala Sitharaman speaks on AI risks in banks

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New Delhi: Union Finance Minister Nirmala Sitharaman spoke about AI risks in banks and how they are planning to counter the AI-born challenge after having a meeting with banks today.

Finance Minister in her statement says, “”It has always been that the banks in India, because of greater digitisation happening, that we are adequately equipped to meet any challenges and risks.”

“Now, because of the new challenge which coming in the name of Mythos, about which not much is known, MeitY has an active engagement with tech companies, various authorities and governments across the globe to understand how this will play out and the preparedness needed.”

“All the while, what we have and proved ourselves to be that we are protective, might not be enough. We need something far more versatile. The banks have been told to work together.”

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“Chairman SBI will be leading this effort. In the coming weeks, there will be a lot of interaction between the banks and how AI itself can be used to counter this AI-born challenge.”

Watch the video here: 

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