MDR fears groundless, AI accountability lies with boards: RBI Dy Governor SC Murmu

RBI Deputy Governor S. C. Murmu's warning that “AI accountability lies with boards” during the Bengal Chamber of Commerce & Industry’s Financial Market Conclave underscores that Indian regulators expect corporate leadership to own the governance of AI systems, even as the RBI dismissed unfounded concerns about Merchant Discount Rate (MDR) impacts on digital payments. For website owners, this pronouncement translates into a direct mandate to embed robust AI oversight into their operational frameworks. Boards must now ensure that any AI-driven features—such as recommendation engines, chatbots, or fraud‑detection models—comply with emerging regulatory expectations, including transparency, bias mitigation, and data security. Failure to demonstrate board‑level responsibility could invite scrutiny from the RBI or other financial regulators, especially for sites handling payment processing or financial advice. **Actionable tips:** 1. **Update your llms.txt** to list all large‑language‑model endpoints your site calls, tagging each with the responsible board member’s name and a brief compliance note. This creates an auditable trail for regulators. 2. **Deploy an AI‑bot tracking dashboard** that logs request volumes, origin IPs, and model versions, allowing the board to review usage patterns and flag anomalous activity in real time. 3. **Conduct quarterly board reviews** of AI risk assessments, using the tracking data to verify that models remain within approved parameters and that any policy changes are documented in the llms.txt file.