Nirmala Sitharaman flags deepfake videos of herself, urges fintechs to strengthen AI defences and trust safeguards

During the 6th Global FinTech Fest 2025 in Mumbai, Finance Minister Nirmala Sitharaman addressed the alarming emergence of deepfake videos impersonating her, which are being used to mislead the public and distort facts. She emphasized the critical need for robust digital trust and security measures in response to this concerning trend. "The new wave of fraud is not just about breaching firewalls; it's about undermining trust," Sitharaman stated. She pointed out that criminals have begun utilizing AI technologies to replicate voices, forge identities, and produce realistic videos capable of manipulating viewers. To combat the increasing incidents of impersonation and fraudulent activities targeting investors, Sitharaman acknowledged the proactive steps taken by regulatory bodies. She highlighted the initiatives from the Securities and Exchange Board of India (SEBI) and the National Payments Corporation of India (NPCI), which have introduced a specialized UPI handle for intermediaries that are registered with SEBI. This includes distinct suffixes such as .brk for brokers and .mf for mutual funds, aimed at enhancing security in transactions. Sitharaman noted that a significant number of brokers, covering over 90% of the investor base, along with all mutual funds, have already adopted the new payment system. "This verified handle creates a secure payment channel within the securities market while maintaining existing payment options, thereby enhancing safety and accessibility without altering user preferences," she explained. Moreover, SEBI has launched the “SEBI Check” service, which allows investors to confirm the UPI IDs and bank account details of registered intermediaries before proceeding with payments. This verification can be done via SEBI’s web portal and the Saarthi app, covering platforms such as UPI, NEFT, RTGS, and IMPS. The new framework integrates privacy-centered verification, secure processing, and continuous enhancements based on user feedback. Sitharaman urged fintech firms to reflect on their vision for the future of finance, stressing the importance of core principles such as revenue growth, innovation, risk management, and compliance. She asserted, "Responsible regulation is not a hindrance to progress; rather, it serves as a seatbelt for safe acceleration." The Finance Minister also celebrated the government's efforts to nurture fintech innovation through strategic policy support and digital infrastructure. She mentioned initiatives like Aadhaar, UPI, the Account Aggregator Framework, and DigiLocker, which have significantly improved public finance management for citizens. Sitharaman further highlighted India’s ascent in the global AI landscape, referencing the launch of the $1.3 billion IndiaAI Mission. She pointed out that India contributes 16% of the world's AI talent and ranks among the top three talent markets globally. Additionally, Indians are major contributors to public Generative AI projects on GitHub, and AI-enabled Global Capability Centres (GCCs) are expected to account for 30-35% of India’s AI services revenue by 2028. Concluding her remarks, Sitharaman expressed confidence in India’s potential to become a global hub for AI products and services, stating that the country provides a unique environment conducive to the development and testing of AI-driven fintech solutions. "With our deep talent pool and favorable government policies, India is poised to lead in fintech innovation," she added.