Over-reliance on AI may pose financial stability risks: RBI Governor

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Over-reliance on AI may pose financial stability risks: RBI Governor - Business Standard

Quick Summary:

Das emphasised that in the modern world, with deep social media presence and vast access to online banking with money transfer happening in seconds, where rumours and misinformation can cause liquidity stress, banks have to remain alert in the social media space and also strengthen their liquidity buffers.

The interconnectedness between CRE, non-bank financial institutions (NBFIs), and the broader banking system amplifies these risks,” Das warned.

The governor also highlighted that remittances are the starting point for many emerging and developing economies, including India, to explore cross-border peer-to-peer (P2P) payments.“We believe there is immense scope to significantly reduce the cost and time for such remittances,” he said.