Banks will discuss investments, technologies and the use of AI to tackle the emerging AI-borne threat, Sitharaman said after inaugurating ‘s Maharashtra circle local head office in Pune. IBA’s efforts will be led by chairman Challa Srinivasulu Setty.
Sitharaman held a meeting on Thursday with representatives of the Indian banking system regarding the emerging threat posed by Claude Mythos AI.
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Sitharaman said a challenge named “Mythos” is coming, about which not much is known, nor have many people tried it.
According to her, the is in active engagement with various authorities, governments and technology companies about how this cyber threat is going to play out and what kind of preparedness is needed in India.
Emphasising that banks will have to do more to protect consumers, Sitharaman said, “We need something new, something far more versatile to be able to counter the newer threats which are likely to come.”
SBI’s Setty will lead these efforts.
“In the coming weeks, there will be a lot of interaction within the banks about understanding where more investment will have to be made, what kind of technologies can come in and how AI itself can be used for countering this AI-borne challenge,” said Sitharaman.
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The finance minister spoke about the importance of domestic activities for the growth of the Indian economy. “Unless our domestic manufacturing, agriculture, tourism, IT and related services sectors are given that constant, predictable support, India’s growth story will be very difficult to keep up, and in that, banks have a very big role to play,” she said.
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