The finance minister called for vigilance, preparedness and better coordination across financial institutions and banks.

Finance Minister Nirmala Sitharaman has expressed concern about the “unprecedented” risk from Anthropic’s artificial intelligence (AI) model, Mythos, and called on banks and other financial institutions to be better prepared and coordinated. She also advised the Indian Banks’ Association (IBA) to develop mechanisms to respond to threats.
“Nature of the emerging threat from the latest AI Model is unprecedented and requires a very high degree of vigilance, preparedness and better coordination across financial institutions and banks,” said Sitharaman.
FM Sitharaman’s comments come after a meeting convened by her with public sector banks and stakeholders to discuss the likely impact of Mythos on India’s burgeoning fintech sector. Representatives from the Ministry of Electronics and IT, Department of Financial Services and CERT-In also participated in the meeting.
The meeting comes amid rising concerns within the financial sector over disruptions and risks associated with Mythos, prompting the government and regulators to step in for a closer evaluation. Officials indicated that the discussion focused on understanding the nature of the issue, its transmission channels within the banking and fintech landscape, and any possible systemic implications.

Also read: Government Action Required: FM Sitharaman Chairs Meeting On Mythos Impact On India’s Fintech Ecosystem

Emphasis on Cybersecurity and Coordination

Sitharaman urged banks to enhance their cybersecurity measures by employing experts and agencies. She also urged banks to report any suspicious transactions immediately to authorities.
The meeting emphasised the importance of timely information sharing. The minister recommended that banks put in place a system to work more closely with CERT-In and other agencies for a quicker response to threats.
The minister also called for the Indian Banks’ Association to build response mechanisms that can assist banks in responding to new risks associated with emerging AI technologies.

Assessing Systemic Risks

Officials indicated that the discussions focused on understanding how risks associated with Mythos could potentially spread across banking and fintech systems. This included evaluating possible transmission channels within digital payment networks, lending platforms, and other interconnected financial services.
FM Sitharaman also advised banks to immediately report suspicious digital activity to authorities, warning that delays in reporting could increase systemic risk across the financial network. Additionally, banks were urged to establish robust mechanisms for real-time threat intelligence sharing with key national cybersecurity bodies, including CERT-In.
The broader concern is not limited to isolated incidents but extends to the potential for systemic disruption, particularly given the scale and integration of India’s digital financial infrastructure.

Also Read: RBI In Talks With Banks To Assess Risks Posed By Anthropic’s Mythos

Maintaining Trust in the Financial System

Sitharaman highlighted the need for coordinated action between banks, fintech companies, and regulatory bodies to maintain trust in the system. Consumer protection and the integrity of financial transactions were identified as key priorities. The government’s early intervention signals a cautious approach toward emerging AI-driven risks, especially as financial systems become increasingly dependent on digital infrastructure.
Further clarity on the government’s assessment and next steps is expected through an official statement from the finance ministry.