Banks cannot limit their approach to AI related data privacy risks to merely complying with the Digital Personal Data Protection (DPDP) Act, as per RBI Governor Sanjay Malhotra, asking lenders to do more as they deploy the technology. “We cannot remain satisfied or justify just complying with it; in fact, we need to do much more,” Malhotra said, while identifying six key AI risks for banks – the black box or explainability problem, bias and exclusion, concentration and herding, third-party and vendor dependence, data privacy and DPDP compliance, and cyber and adversarial vulnerabilities.