Be mindful of legal, cyber risks from AI: RBI official to banks

The banking sector and players in the space should be mindful of legal and cyber risks, and skill gaps emanating from Artificial Intelligence (AI), RBI Deputy Governor T Rabi Sankar has said.

“With the adoption of AI and GenAI, laws are to be redefined. Industry needs to note that Digital Personal Data Protection (DPDP) Act rules are going to come soon, and banks may be in violation of some of it so it’s important to start preparing for it,” he said.

Addressing the 19th Annual Banking Technology Conference organised by the Indian Banks’ Association (IBA) in Mumbai, he called upon banks to think of customer convenience and provide services accordingly.