Chennai: Soumya Swaminathan, Chairperson of the M.S. Swaminathan Research Foundation, has said that an AI security institution is necessary in India to prevent cyber fraud.
At the conference of the Chennai IIT alumni association held in Bengaluru, Union Finance Minister Nirmala Sitharaman released the book “Cashless Nation,” co-authored by Shantanu Paul and Sampamurthy, which explains the changes brought about by UPI digital transactions in India.
The launch event for this book was held yesterday at IIT Madras. Former RBI Governor Raghuram Rajan, MS Swaminathan Research Foundation Chair Soumya Swaminathan, IIT Madras Director Kamakoti, former NCPI Chairman Balachandran, and Mumbai Stock Exchange Managing Director Sundararaman Ramamurthy attended as special guests.
Speaking at this event, IIT Director Kamakoti said, “The functioning of UPI technology is very useful and simple. Just as India donated the vaccines it had to other countries during the coronavirus period, it is similarly sharing its UPI technology with various countries.”
Former RBI Governor Raghurajan continued, saying, “UPI was created as a result of the combination of individual initiative and cooperation. Today, UPI has become a technology that the whole world looks at with admiration.
In 2025-26, India’s gross domestic product is Rs. 346 lakh crore. Statistics show that the value of UPI transactions is Rs. 314 lakh crore. The GST Council meeting will be held soon. “In that meeting, I urge that GST should not be imposed on UPI transactions,” he said.
Earlier, M.S. Swaminathan Research Foundation Chairperson Soumya Swaminathan said, “This book does an excellent job of explaining how the RBI played a key role in the country’s financial landscape and the changes that took place over time. Before the advent of UPI, financial inclusion was a major challenge. In today’s environment, the cyber frauds we face pose various threats. Some people are trying to use UPI for fraud. Therefore, India truly needs an AI Safety Institute.”
