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Published By: Business Standard

Published Date: 14th October 2024​

RBI Governor Shaktikanta Das warned that over-reliance on AI and machine learning in the financial sector could pose risks to financial stability. While these technologies enhance efficiency, Das highlighted concerns about concentration risks, cyber vulnerabilities, and the opaque nature of AI algorithms. He urged financial institutions to maintain oversight and not become dependent on a few tech providers.

Das also discussed expanding India’s RTGS to include global currencies and emphasized the potential of central bank digital currencies (CBDCs) for cross-border payments. Additionally, he flagged the unregulated growth of private credit markets as a financial stability concern.