Banks should be mindful of legal, cyber risks emanating from AI: RBI dy guv

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 on Friday, he called upon banks to think of customer convenience and provide services accordingly.
“When rules are made by us, we need to think of making it convenient for customers and keep improving continuously,” he said.
Every new technology has erased few jobs but created newer ones, he said, adding that skilling and reskilling of the work force is a must.
NaBFID Chairman K V Kamath said what he had predicted 20 yea