Digital frauds increasingly becoming problem, says RBI Gov Malhotra, urges fintech firms to design easy to use product

At the Global Fintech Fest 2025 on Wednesday, October 8, 2025, Reserve Bank of India (RBI) Governor Sanjay Malhotra stated that the country is facing a growing number of digital scams.

The statement was given by Malhotra during his speech at Global Fintech Fest 2025. Nirmala Sitharaman, the finance minister, made the statement in response to the deepfake danger. Speaking at the same event on Tuesday, the FM said that a number of deepfake films of herself were being shared online and edited to deceive the public and misrepresent the truth.

“Even as AI opens extraordinary possibilities, we must confront its darker side. The same tools that power innovation can be weaponised for deception and for fraud. I’m not personalising it, but I can say, I have seen several deepfake videos of myself being circulated online, manipulated to mislead citizens and distort facts,” said the Finance Minister.

Meanwhile, the RBI Governor stated that AI holds the potential to fundamentally enhance the next generation of Digital Public Infrastructure (DPI).

Malhotra also asked fintech firms to design products and services which are easy to use and accessible to all.

“India has a vibrant fintech ecosystem, home to close to 10,000 entities in the sector,” said Malhotra.