CHATGPT RESPONSE TO U.S. BANK FAILURES DISCOUNTS IMPACT ON INDIAN BANKS
TYPICAL CASE OF RATIONALITY OF AI COMING A CROPPER WITH IRRATIONALITY OF LIFE
2023-03-15 10:36
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A question to ChatGPT whether a Silicon Valley Bank-type bank failure could happen in India produced a very reassuring answer. While noting that any bank, including SVB type bank, can fail due to various reasons such as mismanagement, fraud, economic turmoil, etc, ChatGPT believes the Reserve Bank of India (RBI) will ensure that such failures are prevented in India. For, the RBI has strict guidelines in place to ensure the financial stability of the banks operating in India. In the past, there have been instances of banks failing in India, but the RBI has taken swift action to minimize the impact on depositors and prevent systemic risks to the banking sector, the AI-powered chat bot points out.