RBI's Shirish Chandra Murmu urges regular AI stress tests
RBI Deputy Governor Shirish Chandra Murmu just told banks they need to stress-test their AI tools, not just once, but regularly.
His main point: make sure these systems are safe before rolling them out, so customers do not end up as victims of cyber fraud or other emerging risks.
Murmu outlines 5 banking AI rules
Murmu laid out five key rules for using AI in banking, like always having a real person answerable for automated decisions and keeping a clear record of all AI tools (even the ones from outside vendors).
He also said customers should know when they are talking to a bot and that big choices (like loan rejections) should still involve humans.
Plus, he warned that cutting corners on customer experience or relying too much on shared data could backfire.
RBI even has its own tool, MuleHunter.ai, to help spot risks banks might miss.