AI News | We Have Regulations In Place, Says RBI Governor On AI-Related Risks To Financial System

"We are conscious of them and we have regulations in place", said RBI Governor on AI-related risks to financial system. "This is not only about ensuring that systems function efficiently and without downtime, but also about safeguarding data security. There are two key concerns: protecting data and mitigating cyber risks arising from attacks that could disrupt or bring down systems. On both fronts, the RBI has a strong regulatory and supervisory framework. However, software evolves at a very rapid pace, with developments occurring almost daily. As a result, vulnerabilities can sometimes emerge