RBI Deputy Governor Swaminathan warns banks against hasty AI adoption
Business
The Reserve Bank of India's Deputy Governor Swaminathan J is urging banks and financial companies to be careful about jumping headfirst into artificial intelligence.
Speaking at SASTRA University, he pointed out that while AI can make banking smoother and faster for customers, it can also bring issues like bias, privacy risks, and less transparency if not handled thoughtfully.
Swaminathan urges fair and accountable AI
Swaminathan stressed that using AI in finance should be about more than just speed: it needs to stay fair and accountable.
He warned that if AI is adopted without adequate safeguards, it can amplify existing weaknesses and create entirely new forms of harm, including cyber threats.
His message? Make sure tech upgrades don't leave ethics and trust behind.