Blitz Bureau
NEW DELHI: Finance Minister Nirmala Sitharaman on April 24 said that Indian banks are adequately prepared to deal with emerging technology-related challenges, even as she raised fresh concerns over risks linked to a new artificial intelligence model developed by Anthropic.
Speaking to reporters, Sitharaman noted that India is closely monitoring the potential threats posed by Anthropic’s Mythos AI model, which has drawn global attention for its advanced capabilities. She said that the Ministry of Electronics and Information Technology (MeitY) is actively engaging with international governments and authorities to better understand the risks associated with the model and assess its possible impact on India’s banking ecosystem.
Sitharaman also noted that while Indian banks remain resilient, the rapidly evolving nature of artificial intelligence requires greater vigilance. She indicated that existing regulatory and security frameworks may need to be updated to effectively tackle newer and more sophisticated threats emerging from advanced AI systems.
Highlighting the need for coordinated action, FM Sitharaman said banks have been asked to work together on this issue. Her remarks come a day after she flagged “unprecedented” risks associated with the Mythos AI model. The Indian Banks’ Association will lead consultations among lenders to address concerns and strengthen sector-wide preparedness.
Meanwhile, earlier this month, Sitharaman had said that India’s strong fiscal position and robust foreign exchange reserves provide the Reserve Bank of India with more policy flexibility.
