Union Finance Minister Nirmala Sitharaman to chair a meeting with public sector banks and other financial institutions on Monday, July 13. Sitharaman likely to review the measures announced by the Finance Ministry to mitigate the impact of the West Asia crisis. Additionally, she is also expected to discuss the issues related to Mythos AI and banks’ preparedness, according to an ET Now report citing sources.
Finance Minister may also review Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits, Overseas Foreign Currency Borrowings (OFCBs), and External Commercial Borrowings (ECBs).
Mythos AI Takes Centre Stage
The upcoming review comes months after the Finance Minister held a meeting with senior banking officials in April to examine the risks posed by Artificial Intelligence (AI) following global concerns surrounding Anthropic’s Mythos model and its potential implications for the security of financial systems.
The discussion gained importance after the development of Anthropic’s Claude Mythos AI model, which reportedly identified vulnerabilities across several major operating systems. According to sources, the meeting examined the risks associated with AI and the safeguards required to protect the financial ecosystem.
Officials said the Finance Minister-led meeting deliberated on the potential risks AI could pose to the banking sector, with lenders being encouraged to take proactive steps to strengthen their systems, customer data and financial infrastructure against possible cyber threats.
The earlier meeting was attended by senior executives from banks, officials from the Reserve Bank of India (RBI) and representatives of the Ministry of Electronics and Information Technology. According to a senior Finance Ministry official, both the ministry and the RBI are evaluating the extent of the risks that the Indian financial sector could face from the reported breach.
What Is Mythos AI?
According to reports, Anthropic said Mythos can outperform humans at cybersecurity tasks, finding and exploiting thousands of bugs, including 27-year-old vulnerabilities, in major operating systems and web browsers.
