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RBI, SBI warn AI cyber threats outpace bank defences
RBI Governor Sanjay Malhotra on Tuesday flagged growing geopolitical and trade uncertainties and cyber threats as the two key risks facing Indian banks and the economy. Speaking at FIBAC 2026, he said…
The Story in Brief
RBI Governor Sanjay Malhotra on Tuesday flagged growing geopolitical and trade uncertainties and cyber threats as the two key risks facing Indian banks and the economy. Speaking at FIBAC 2026, he said AI is a major opportunity but warned of seven risks including lack of transparency and erosion of human accountability.
SBI chairperson C.S. Setty cautioned that fraud can outrun conventional systems as AI use widens. BCG's Hardik Shah said cyberattack costs have fallen 17-fold, urging industry-wide cybersecurity infrastructure. An ASSOCHAM-KPMG report said AI is evolving into a strategic intelligence layer for fintech.
The Indian Opinion
The familiar hype around AI's potential often drowns out the genuine risks. But the warnings from RBI, SBI, and BCG are not technophobia. Cyberattack costs have dropped 17-fold, while fraud can now outpace legacy systems. The real test will be whether regulators, banks, and the government can build shared defences as fast as the threats evolve. Watch for RBI's forthcoming comprehensive AI guidelines: they will show whether the system is serious about safety or just paying lip service.
Sources (4): ciso.economictimes.indiatimes.com, livemint.com, livemint.com (2), livemint.com (3)
This story was synthesised by AI from the 4 sources linked above.
Updated: this story now draws on 4 sources.
