Picture : ANI/ X
Finance Minister Nirmala Sitharaman has asked fintech firms to focus on risk management at a time when criminals are using AI to mimic voices, clone identities and create lifelike videos to manipulate people.
According to media reports, Speaking at the 6th edition of Global Fintech Fest 2025 , the finance minister also said India has the potential of becoming the global hub for building various AI products and services.
During the event, Sitharaman launched the Foreign Currency Settlement System (FCSS) of GIFT IFSC designed to settle transactions in foreign currencies on a real-time or near real-time basis.
During the Roundtable, the participants commended the progressive regulatory framework, robust institutional support and state-of-the-art infrastructure being provided at the GIFT IFSC.
They also shared constructive suggestions aimed at further strengthening the financial… https://t.co/I5wBENmlKw pic.twitter.com/QpjUojX5XX
— Nirmala Sitharaman Office (@nsitharamanoffc) October 7, 2025
With the operationalisation of the FCSS, GIFT IFSC joins a select group of global financial centres – including Hong Kong, Tokyo, and Manila – that have the infrastructure to settle foreign currency transactions locally.
The minister said India can also build AI products that fits diverse use-cases across the world. It can be a laboratory for developing and testing AI ideas.
“Our AI stack must be rooted in Indian languages, local contexts, and multimodal interfaces, so that it can be widely accepted and accessed by our citizens,” she said and added that focused approach across the AI stack can make India the AI torchbearer for the Global South.
She said while artificial intelligence (AI) has transformed finance and governance, there are darker sides of the technology also.
“Even as AI opens extraordinary possibilities, we must confront its darker side.The same tools that power innovation can be weaponised for deception and for fraud.
“I’m not personalising it, but I can say, I have seen several deepfake videos of myself being circulated online, manipulated to mislead citizens and distort facts.
“It was a reminder of the urgency with which we must strengthen our defences,” the finance minister said.
