Overview
- Deputy Governor Rohit Jain, speaking Thursday at the Global Fintech Fest in Mumbai, named speed, concentration and opacity as the three ways technology can amplify financial risks.
- Jain said banks and fintechs cannot shift responsibility for automated decisions to vendors and that ‘‘an institution may outsource the computation, but it cannot outsource the consequence.’
- The RBI warned that many firms' reliance on the same cloud, tech and AI model providers could let a single failure or error spread quickly across institutions and affect system stability.
- Governor Sanjay Malhotra announced operational steps at the festival including a tokenisation framework for corporate bonds and recognition of the United Fintech Forum as a second fintech self‑regulatory organisation.
- The RBI urged proportionate, outcome-focused oversight, called for treating customer data as a fiduciary duty, and asked supervisors to upgrade tools and readiness for future threats such as quantum computing.