The banking sector and those associated with it should be mindful of risks such as legal, cyber risks and skill shortages arising from artificial intelligence (AI). Reserve Bank of India (RBI) Deputy Governor T Ravi Shankar said this on Friday. He said that with the adoption of AI and Gen’AI, laws have to be redefined. The industry should note that Digital Personal Data Protection (DPDP) regulations are coming soon, and banks may end up violating some of these. Therefore preparation is important.
He said at the 19th Annual Banking Technology Conference organized by the Indian Banks Association (IBA) in Mumbai that banks need to think about customer convenience and provide services accordingly. He said, “When we make rules, we should think about making it convenient for customers and should continuously improve it.” Shankar said that every new technology has eliminated some jobs, but new jobs have been created. Have also given birth. In such a situation, there is a need to train the workforce. PTI language report.