Mumbai, Oct 7
Finance Minister Nirmala Sitharaman said on Tuesday that she has seen several deepfake videos of herself being circulated online, manipulated to mislead citizens and distort facts -- a reminder of the urgency with which we must strengthen our defences.
Addressing the 6th edition of the Global FinTech Fest 2025 in Mumbai, she said the new generation of fraud is no longer about breaching firewalls, it is about hacking trust.
"Criminals are using AI to mimic voices, clone identities and create lifelike videos that can manipulate people," she told the gathering.
To address rising impersonation and false representation targeting investors, it is heartening to note that SEBI and NPCI have launched a dedicated UPI handle for SEBI-registered investor-facing intermediaries with category suffixes such as .brk for brokers and .mf for mutual funds.
She informed that major brokers covering over 90 per cent of investors and all mutual funds have already enabled it.
"The valid handle establishes a verified, secure payment channel in the securities market while preserving existing payment options, improving safety and accessibility without disrupting user preference," the minister informed.
SEBI has rolled out "SEBI Check", which allows investors to verify UPI IDs and bank account details (account number+IFSC) of registered intermediaries across UPI, NEFT, RTGS, and IMPS before initiating payments, via the web portal and the Saarthi app.
The framework embeds responsible use of technology through privacy preserving verification, secure processing, audit trails, and continuous improvement informed by flagged mismatches and user reports.
"This is a good moment to reflect on what kind of financial future we wish to build and how do we get there. Fintechs must essentially focus on the fundamentals such as revenue growth, innovative product offerings, profitability, risk and compliance capabilities," she emphasised, adding that responsible regulation is not a brake on progress; it is a seatbelt for safe acceleration.
FM Sitharaman further said that the government has played its role in nurturing the growth and innovation of the FinTech sector through a balanced mix of policy support, digital public infrastructure, and forward-looking regulation.
"Aadhaar, UPI, Account Aggregator Framework and Digi Locker - all of them have decisively changed the contours of how public finance is handled for the betterment of the citizens. India has stepped decisively into the global AI arena with the launch of the $1.3 billion IndiaAI Mission," she noted.
India contributes 16 per cent to Global AI talent and is among top three talent markets.
Indians are the 2nd Largest contributor to public Gen-AI GitHub projects. It is estimated that AI-enabled GCCs will likely contribute 30-35 per cent of revenues of the India's AI services market by 2028.
"Thus, India has the potential for becoming the global hub for building various AI products and services," said Finance Minister.
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.
The country also offers an unparalleled opportunity for Fintech GCCs to scale innovation as we have a deep talent base and favourable government policies, she added.
- IANS
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