FM Sitharaman Chairs Meeting On Mythos Impact On Indian Fintech Ecosystem: Sources

Finance Minister Nirmala Sitharaman has chaired a high-level meeting with banks and key stakeholders to assess the potential impact of emerging issues linked to “Mythos” on India's fast-growing fintech ecosystem, according to sources familiar with the matter.

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.

Meeting chaired by Finance Minister was with PSBs on cybersecurity and AI. According to sources the meeting was also attended by Ministry of Electronics and IT officials, DFS Secy and CERT-In officials.

Sources added that the finance minister emphasised the need for coordinated action between banks, fintech firms and regulatory bodies to maintain trust in the system. Ensuring consumer protection and safeguarding transaction integrity were key themes during the discussions.

ALSO READ: Threat Or Opportunity? DFS Secy Flags Mythos As Double-Edged Sword For Fintech Ecosystem

An official statement from the finance ministry is expected later in the day, which could provide more clarity on the government's assessment and the next steps.

Even before, Mythos has been viewed as a topic of intrigue and concern by many officials all over the world. RBI officials have, over the past two weeks, held consultations with counterparts at the US Federal Reserve and the Bank of England to better understand the evolving risks.

Among the regulators, the RBI may also seek direct engagement with Anthropic as per sources. 

Similarly, India's payments body, the National Payments Corporation of India (NPCI), is also attempting to secure early access to Mythos along with a small group of banks to identify vulnerabilities and day-zero cyber risks before any wider deployment, according to one source.

However, such access may not be easy to obtain. A fourth source aware of the matter said Anthropic hosts Mythos on tightly controlled servers in the United States, making it difficult to test the model on local data in overseas markets.

At present, Mythos access has been restricted to a limited number of organisations responsible for maintaining critical digital infrastructure in the United States. Reuters had earlier reported that Anthropic plans to extend access to European banks in the near future.

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