Recently, Reserve Bank of India Governor Shri Shaktikanta Das issued a warning at a key meeting, stating that artificial intelligence (AI) and related platforms could exacerbate systemic risks in the Indian financial system. At this high-level meeting themed 'RBI90,' Das pointed out that while AI and machine learning open new business and profit growth opportunities for financial institutions, they also come with significant risks. He noted that a few AI service providers could dominate the market, leading to concentration.

The Reserve Bank of India has chosen McKinsey and Accenture solutions to develop an artificial intelligence and machine learning system to enhance regulation. The Reserve Bank of India is already using AI and machine learning technologies in its regulatory processes and now plans to scale up. Utilizing AI and machine learning technologies can enable real-time data reporting, effective data management, and dissemination.