Reserve Bank of India Deputy Governor Swaminathan J warned that AI adoption in financial services, absent proper safeguards, risks amplifying pre-existing vulnerabilities while simultaneously introducing new categories of harm. The caution arrives as Indian banks and lenders accelerate AI deployment across customer-facing and credit functions. Swaminathan identified three primary risk vectors: algorithmic bias in lending decisions, opacity in model outputs that complicates regulatory oversight, and data privacy exposure from large-scale financial data processing. The acknowledgment of AI benefits, specifically improved customer service delivery and broader credit access, signals the RBI is not opposed to adoption but is signaling a compliance posture rather than a prohibition. For financial institutions, the statement effectively previews where RBI scrutiny will concentrate: model governance, explainability frameworks, and data handling protocols. Banks investing in AI infrastructure without parallel risk controls should treat this as an early policy signal ahead of formal guidance.
India's Expenditure Finance Committee has cleared a Rs 1.25 lakh crore outlay for India Semiconductor Mission 2.0, up 64 percent from ISM 1.0's Rs 76,000 crore. The proposal now goes to the Cabinet, as two chip plants begin commercial output and a third, CG Semi, is set to open July 4, 2026.
The Supreme Court blocked Trump from firing Federal Reserve board member Lisa Cook, preserving the Fed's independence from presidential removal power. A separate ruling the same day gave Trump broader authority to dismiss leaders of other independent federal agencies.
The US Supreme Court has blocked President Trump's attempt to fire Federal Reserve governor Lisa Cook, who faced unproven mortgage fraud allegations. The ruling preserves Fed independence for now and keeps a politically charged removal case alive in the courts.
The US Supreme Court, splitting along ideological lines, has allowed the Trump administration to end Temporary Protected Status for Haitian and Syrian immigrants.
