New Delhi: Finance Minister Nirmala Sitharaman on Tuesday expressed concern over the growing misuse of artificial intelligence and revealed that she came across several deepfake videos of herself being circulated online. She warned that while AI offers immeasurable opportunities, it also poses serious risks of deception and fraud.Speaking at Global FinTech Fest 2025, Sitharaman said, “An approach focused on the entire AI stack can make India an AI torch bearer around the world. As this new wave gains momentum, FinTech innovators, investors and regulators will have a common responsibility to build systems that are not only innovative, but also resilient, safe, safe and resilient. Without a doubt, artificial intelligence is transforming finance, transforming governance, and also changing everyday life. But when we leverage that power, we must remain aware that technology must always serve humanity. Despite AI opening up extraordinary possibilities, we must stand on the dark side. The same tool that can weaponize power information for deletion and fraud. I'm not personalizing it, but I can say I've seen some deep, deep videos of myself being circulated online and manipulated to mislead the public. It was a reminder of the urgency we must strengthen our defenses. ”At the event, Sitharaman launched the Foreign Currency Settlement System (FCSS) in Gift City, Gujarat. The initiative aims to raise international trade, attract investment and improve business ease by enabling real-time settlement of foreign currency transactions.“The foreign currency settlement system will help promote seamless transactions in real time, strengthen liquidity management and resolve issues to ensure compliance,” she said.FCSS will operate within the International Financial Services Centre (IFSC) and place India in a selection group of global financial hubs such as Hong Kong, Tokyo and Manila with local foreign currency settlement infrastructure.Currently, such transactions by IFSC entities are processed through the banking operations of correspondents involving multiple intermediaries, leading to delays. New systems streamline processes.“FCSS facilities will seamlessly and efficiently settle foreign currency transactions within IFSC in real time rather than 36-48 hours, ensuring compliance with regulatory oversight under the PSS Act,” added Sitharaman.
