New Delhi: Union Finance and Corporate Affairs Minister Nirmala Sitharaman has chaired a high-level meeting with key stakeholders to assess the potential impact of emerging threats linked to recent developments in Artificial Intelligence (AI).
The discussions focused particularly on concerns surrounding the possible misuse of such technologies to exploit software vulnerabilities.
The meeting was held in the presence of Union Minister for Electronics and Information Technology, Railways, and Information & Broadcasting Ashwini Vaishnaw.
It also brought together senior officials from the government and the banking sector, including representatives of the Department of Financial Services, Indian Computer Emergency Response Team, the Reserve Bank of India, National Payments Corporation of India, as well as managing directors and CEOs of scheduled commercial banks.
During the meeting, Sitharaman acknowledged the progress made by banks in strengthening cybersecurity systems and protocols, but noted that emerging AI-driven threats present unprecedented challenges requiring heightened vigilance, preparedness, and stronger coordination across institutions.
She advised the Indian Banks’ Association to develop a coordinated institutional mechanism to ensure a swift and effective response to such risks, the Ministry of Finance said in a lengthy post on X.
Banks were also directed to engage top cybersecurity professionals and specialised agencies to continuously upgrade their defensive and monitoring capabilities.
Emphasising the need for immediate action, the finance minister instructed banks to promptly report any suspicious activity or cyber incidents to relevant authorities, including CERT-In, and to maintain close coordination with all concerned agencies.
She further stressed the importance of adopting proactive and pre-emptive measures to secure IT infrastructure, safeguard customer data, and protect financial resources.
The meeting also underlined the need to establish a robust system for real-time threat intelligence sharing among banks, CERT-In, and other stakeholders to ensure early detection and timely dissemination of information across the financial ecosystem.
