On Thursday, Union Finance Minister Nirmala Sitharaman chaired a crucial meeting with Scheduled Commercial Banks and stakeholders to evaluate the risks associated with emerging Artificial Intelligence (AI) technologies. Sitharaman highlighted the unprecedented nature of these threats, particularly the potential for AI to exploit software vulnerabilities. She called for banks to implement robust cybersecurity measures to protect customer data and financial assets. The Finance Minister commended the banks' existing efforts but stressed the need for heightened vigilance and coordination across institutions. She directed the Indian Banks' Association (IBA) to establish a mechanism for rapid response to threats and recommended engaging top cybersecurity experts. Furthermore, a report by Kotak Institutional Equities indicated that AI models, such as Anthropic's Mythos, could disrupt India's IT services sector, raising concerns about growth risks for companies heavily involved in application services. The meeting included senior officials from the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI), emphasizing the collaborative effort needed to tackle these emerging challenges.