FinTech Festival: Rohit Jain warns AI risks, launches forex facility
At the Global FinTech Festival 2026 in Mumbai, Reserve Bank of India (RBI) Deputy Governor Rohit Jain got real about AI in financial services; yes, it's making things faster, cheaper and more accessible, but there are some big risks.
He pointed out that super speedy AI decisions can let small mistakes snowball into bigger problems.
Plus, depending on just a few technology companies for these tools could mean trouble if something goes wrong.
Rohit Jain urges AI explainability
Jain emphasized that banks need better ways to catch errors early and make sure AI decisions aren't a total mystery to customers.
Rohit Jain warned that "Financial institutions may increasingly depend on a relatively small number of cloud providers, technology vendors, and model providers, often using overlapping data sets and similar technological infrastructure," and that common technology dependency could "transmit disruption or errors across several institutions at the same time."
He called for clear regulations so that innovation doesn't come at the cost of fairness or stability.
On a positive note, he also launched a new RBI Forex Multicurrency facility, making cross-border transactions easier with five more international currencies added to the FX Retail platform.