RBI deputy governor Murmu urges human oversight of algorithms
Business
As financial systems get more automated, Reserve Bank of India (RBI) Deputy Governor Shirish Chandra Murmu says we still need real people in charge.
He wants banks and their leaders to truly understand the algorithms they use, knowing not just how they work, but also their limits and what could go wrong.
RBI's Murmu flags 4 UPI risks
Murmu pointed out four big risks on UPI in digital finance: keeping systems running smoothly, strong cybersecurity, stopping fraud, and protecting customers.
He emphasized that digital lending should help improve credit quality, not just make loans faster.
Plus, he called for clear communication so borrowers know exactly what they're signing up for.