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MUMBAI : The growing use of artificial intelligence and machine learning in financial services globally can lead to financial stability risks and warrants adequate risk mitigation practices by banks, the Governor of the Reserve Bank of India said on Monday."The heavy reliance of AI can lead to concentrati

Channel News Asia

Singapore

India cenbank chief warns against financial stability risks from growing use of AI

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Government of Singapore

The growing use of AI and machine learning in financial services globally can lead to financial stability risks and warrants adequate risk mitigation practices by banks, the Governor of the Reserve Bank of India said on Monday. From a report: "The heavy reliance of AI can lead to concentration risks...

slashdot.org

India Cenbank Chief Warns Against Financial Stability Risks From Growing Use of AI

MUMBAI (Reuters) - The growing use of artificial intelligence and machine learning in financial services globally can lead to financial stability risks and warrants adequate risk mitigation practices by banks, the Governor of the Reserve Bank of India said on Monday. "The heavy reliance of AI can lead to concentration risks, especially when a small number of technology providers dominate the market," Shaktikanta Das said at an event in New Delhi…

Jingletree

The growing use of AI and machine learning in financial services globally can lead to financial stability risks and warrants adequate risk mitigation practices by banks, the Governor of the Reserve Bank of India said on Monday. From a report: "The heavy reliance of AI can lead to concentration risks, especially when a small number of technology providers dominate the market," Shaktikanta Das said at an event in New Delhi. This could amplify syst…

technewstube.com

Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), recently warned about the potential financial stability risks associated with the growing use of artificial intelligence (AI) in financial services. During the RBI@90 High-Level Conference in New Delhi, the RBI Chief highlighted several concerns. He conveyed that "Heavy reliance on Al" could lead to concentration risks, especially if a small number of technology providers dominate…

IndianWeb2.com

Growing Use of AI & ML Can Risk Financial Stability, Says RBI Governor

Shaktikanta Das, Governor of the Reserve Bank of India (RBI), has raised concerns about the risks to financial stability posed by the increasing integration of artificial intelligence (AI) in the financial services sector. Speaking at the RBI@90 High-Level Conference in New Delhi, Das cautioned that a heavy reliance on AI could create concentration risks, particularly if a few technology providers dominate the market. He warned that failures or …

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RBI Governor Warns of Financial Stability Risks from Growing AI Use

Reliance on AI may contribute to instability in capital flows and exchange rates, RBI governor says

India cenbank chief warns against financial stability risks from growing use of AI

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