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RBI Deputy Governor Swaminathan J warned that algorithmic decision-making and concentration of digital financial services could pose non-traditional, systemic risks to India's financial system if left unchecked. He emphasized the need for robust governance and proactive regulation to manage potential harms from AI-driven innovations.[AI generated]
Why's our monitor labelling this an incident or hazard?
The article discusses the potential risks posed by algorithmic decision-making and digital platforms in the financial sector, which involve AI systems. However, it does not describe any actual harm or incident caused by these AI systems. Instead, it focuses on warnings and regulatory approaches to manage these risks proactively. Therefore, this qualifies as an AI Hazard, as the AI systems' involvement could plausibly lead to harm if left unchecked, but no incident has yet occurred.[AI generated]