Reserve Bank of India (RBI) Deputy Governor Rohit Jain has warned that financial institutions' increasing reliance on a small number of common technology providers, including cloud and AI model providers, could create a new source of systemic risk. He highlighted 'speed, concentration and opacity' as key risks, noting that a disruption at one provider could rapidly spread across multiple institutions, amplifying existing financial risks.
Finance Minister Nirmala Sitharaman on Tuesday asked fintech firms to focus on risk management at a time when criminals are using AI to mimic voices, clone identities and create lifelike videos to manipulate people.
'We frequently discuss AI, but we're waiting for other countries to develop solutions rather than creating intellectual property ourselves.' 'We haven't yet produced comprehensive AI solutions developed in India for global markets.'
'BSE has facilitated nearly Rs 35 trillion in capital raising across multiple segments.'
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
More and more PE players are willing to test the waters now, just in case they become early entrants in a future booming business.
'The Reserve Bank's independence has remained a work in progress, an enduring challenge that the nation has been grappling with on an ongoing basis,' says RBI Deputy Governor Dr Viral Acharya.
Loss-making Nokia gains full control of the profitable venture Nokia Siemens Networks for $2.2 billion, a cheaper than-expected price, analysts said, although they also noted the acquisition would put pressure on Nokia's balance sheet.
Narendra Modi is squandering a mandate for change on feeble, unimaginative incrementalism.
This is the joint statement issued by the ministry of external affairs on the visit of US President Barack Obama to India.
