Deepfake Videos and Digital Trust

Finance Minister Nirmala Sitharaman disclosed that numerous deepfake videos featuring her have surfaced online, designed to mislead the public and distort reality. During her address at the 6th Global FinTech Fest 2025 in Mumbai, she asserted that the rise of this type of content underscores the urgent need to fortify digital trust and enhance security measures.

Emergence of Trust Issues

The minister remarked that the new wave of fraud is less about breaking through firewalls and more about undermining trust. Criminals are employing artificial intelligence to imitate voices, replicate identities, and generate realistic videos that can deceive individuals.

Regulatory Initiatives for Investor Protection

To combat the increasing instances of impersonation and fraudulent activities aimed at investors, Sitharaman praised the initiatives undertaken by regulatory bodies and payment authorities. She pointed out that the Securities and Exchange Board of India (SEBI) along with the National Payments Corporation of India (NPCI) has launched a specific UPI handle for SEBI-registered intermediaries serving investors, which includes category suffixes like .brk for brokers and .mf for mutual funds.

She revealed that leading brokers covering over 90 per cent of the investor base and all mutual funds have already activated the new payment handle. The minister stated that the valid handle creates a verified and secure payment channel in the securities market while maintaining existing payment methods, thus enhancing safety and accessibility without disrupting user preferences.

New Services for Verification

Furthermore, SEBI has introduced a new feature called “SEBI Check” which allows investors to verify UPI IDs and bank account information of registered intermediaries prior to processing payments. This verification service is accessible through SEBI’s online portal and the Saarthi app, functioning across UPI, NEFT, RTGS, and IMPS platforms. The framework implements privacy-protecting verification, secure processing, audit trails and ongoing improvements informed by user feedback.

Building a Financial Future

The Finance Minister emphasized that this is an opportune time to contemplate the kind of financial future the nation aims to establish and how to achieve it. She encouraged fintech firms to prioritise foundational aspects like revenue growth, innovation, profitability, risk management, and adherence to regulations. She reiterated that responsible regulation should not be viewed as a hindrance to advancement, but rather as a safeguard for secure progress.

Government Support for Fintech Innovation

Sitharaman also underscored the government’s role in nurturing fintech innovation through supportive policies, digital public infrastructure, and proactive regulations. She noted significant advancements in public finance management due to initiatives like Aadhaar, UPI, the Account Aggregator Framework, and DigiLocker.

AI Strength in India

Additionally, she highlighted India’s growing dominance in artificial intelligence. She stated that the country has made significant strides in the global AI landscape with the establishment of the $1.3 billion IndiaAI Mission, and mentioned that India contributes 16 per cent of the global AI workforce, ranking among the top three talent markets.

Contribution to Global AI Projects

Indians rank as the second-largest contributors to public Generative AI projects on GitHub, and AI-enabled Global Capability Centres (GCCs) are expected to drive 30 to 35 per cent of India’s AI services revenue by 2028. She expressed confidence that India is poised to become a global hub for the creation of various AI products and services.

Support for Fintech Solutions

Sitharaman added that India presents an ideal setting for the development and testing of AI-driven fintech solutions. The country offers unmatched opportunities for Fintech GCCs to scale innovation, supported by a robust talent pool and favourable government policies.