According to sources, the meeting chaired by the Finance Minister deliberated on various risks that AI posed on the financial sector.
M Nagaraju, Secretary, Financial Services
Finance Minister Nirmala Sitharaman on Thursday met bank chiefs to discuss risks related to Artificial Intelligence (AI) following global concerns over Anthropic’s Mythos model threatening data security of the financial systems. Meanwhile, Finance Services secretary M Nagaraju said that Anthropic’s Mythos seen as risk and opportunity for fintech ecosystem.
According to sources, the meeting chaired by the Finance Minister deliberated on various risks that AI posed on the financial sector. Banks have been urged to take preemptive measures to secure their systems, data and money of customers. Source also said that the ministry and the RBI are studying the extent of risks that the Indian financial sector faces from this breach.
Cyber-security tasks
As per the reports, Anthropic said Mythos can outperform humans at cyber-security tasks, finding and exploiting thousands of bugs, including 27-year-old vulnerabilities, in major operating systems and web browsers. The US-based artificial intelligence company, said unauthorised access was made on its new model Mythos, which is deemed too dangerous for public release.
Announced on April 7, Mythos is being deployed as part of Anthropic’s ‘Project Glasswing’, a controlled initiative under which select organisations are permitted to use the unreleased Claude Mythos Preview model for defensive cybersecurity. Mythos is a powerful AI model that has sparked concerns among regulators about its unprecedented ability to identify digital security vulnerabilities and potential for misuse.
Meanwhile, addressing the PICUP Fintech Conference organised by the Indian Banks’ Association (IBA) in association with FICCI, Nagaraju said that technology will play important role not only in driving innovation but also in strengthening supervision, risk management and fraud prevention. “AI has potential to make financial inclusion not just socially desirable but commercially sustainable. AI must be seen not just as a disruptor but as an enabler of responsible inclusion. Cyber security threats, data privacy concerns, credit and asset quality risk, trust deficit are some challenges which needs to be managed to sustain long-term growth,” he added.
Speaking on the importance of UPI, Nagaraju said that around 22 billion transactions were made last month with total value surpassing ₹29 trillion. “UPI has emerged as the largest real time retail payment system in the world. India’s digital payment system is now expanding beyond our borders. UPI is operational in many countries and several more are in pipeline. This scale reflects not just widespread adoption but the emergence of UPI as a foundation pillar of India’s digital economy and financial inclusion,” he said.
According to the Secretary, expanding access to credit responsibly and efficiently will be crucial for unlocking entrepreneurship and economic potential at the grassroots level, he said while addressing here. “As we deepen capital and expand access, it is important to ensure that our financial system remains resilient and stable. A strong financial system must be capable of supporting growth during favorable times, while also withstanding shocks during periods of uncertainty,” he said.
Geopolitical conflicts
Nagaraju further said India is standing tall amid geopolitical conflicts arising globally and a high-interest-rate scenario. “Global headwinds have been persistent for the last few years,” he said. Despite geopolitical conflicts, supply chain disruptions, elevating interest rates, and other uncertainties, India continues to stand out as a bright spot in the world economy, he said.
Published on April 23, 2026
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