India cenbank chief warns against financial stability risks from growing use of AI

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MUMBAI : The growing use of artificial intelligence and machine learning in financial services globally can lead to financial stability risks and warrants adequate risk mitigation practices by banks, the Governor of the Reserve Bank of India said on Monday".

The growing use of AI introduces new vulnerabilities like increased susceptibility to cyber attacks and data breaches, Das said.

AI's "opacity" makes it difficult to audit and interpret algorithms which drive lender's decisions and could potentially lead to "unpredictable consequences in the market," he warned.

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Category: EconomyBusiness

Markets: SingaporeIndia

Topics: Financial Mumbai Bank Lead 2024 Risks Shaktikanta Experience India Reserve Governor

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-14 @ 13:35:55 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 269 words

Reading Time: 2 minutes read

Sentences: 11 lines

Sentence Length: 25 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 23032238

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Main Topics: EconomyBusiness

Official Website: channelnewsasia.com

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Year Established: 1999

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News Last Updated: 44 minutes ago

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