DFS Secretary M Nagaraju on Friday said the role of AI and Gen AI will be vital to improving existing tech platforms and stressed the need for AI-driven predictive models to help prevent “catastrophic” incidents in the financial system. Speaking at the Indian Banking Association (IBA) annual banking technology conference here, he said the financial sector across the world is moving to adopt AI, Generative

 

AI, in its processes. “Sooner or later, these techs must be brought to the financial institutions in India, without which we will stay behind in the race to innovation,” he said, adding that proper care needs to be taken to ensure that the data used to train the AI algorithm is free from any bias and collusion, thereby ensuring its effectiveness in the platform.