NEW DELHI: Finance minister Nirmala Sitharaman on Tuesday expressed concern over the rising misuse of synthetic intelligence, revealing that she has come throughout a number of deepfake movies of herself circulating on-line. She warned that whereas AI provides immense alternatives, it additionally carries critical dangers of deception and fraud.Talking on the World Fintech Fest 2025, Sitharaman mentioned, “Targeted method throughout the AI stack could make India the AI torchbearer throughout the globe south. In order this new wave gathers momentum, fintech innovators, traders and regulators all have a shared accountability to construct methods that aren't solely revolutionary but in addition resilient, safe and inclusive. Undoubtedly, synthetic intelligence is reworking finance, reworking governance and likewise on a regular basis life. However as we harness its powers, we should stay aware that expertise should at all times serve humanity. Whilst AI opens extraordinary potentialities, we should confront its darker facet. The identical instruments that energy info will be weaponised for deception and fraud. I'm not personalising it however I can say I've seen a number of deepfake movies of myself being circulated on-line, manipulated to mislead residents. It was the reminder of the urgency with which we should strengthen our defences.”On the occasion, Sitharaman additionally launched the overseas forex settlement system (FCSS) in Gujarat's GIFT Metropolis. The initiative goals to spice up worldwide commerce, appeal to investments, and enhance ease of doing enterprise by enabling real-time settlement of overseas forex transactions.“International forex settlement system to unravel the issue of facilitating seamless transactions on real-time foundation, improve liquidity administration, and making certain compliance,” she mentioned.The FCSS will operate throughout the Worldwide Monetary Providers Centre (IFSC), putting India amongst a choose group of worldwide monetary hubs reminiscent of Hong Kong, Tokyo, and Manila which have native overseas forex settlement infrastructure.At the moment, such transactions by entities in IFSC are processed by correspondent banking preparations involving a number of intermediaries, resulting in delays. The brand new system will streamline the method.“FCSS amenities seamless and environment friendly settlement of overseas forex transactions inside IFSC on a real-time foundation, not 36-48 hours, enhancing liquidity administration and operational resilience, making certain compliance with regulatory oversight underneath PSS Act,” Sitharaman added.
