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Tag: reserve bank of india (page 1 of 1)

AI can play a critical role in fraud detection in banking, finance industry

In 2019, RBI reported that losses due to banking frauds have grown by 73.8%. AI-backed robo advisory services have a lot of potential in fraud detection and prevention. Many banks in India have already launched fraud detection robo advisory services for investments. RBI also recently proposed the Positive Pay System for cheque truncation system to prevent frauds in high value cheques. AI is faster, accurate and reduces dependence on humans.

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RBI gives 5-pillar cybersecurity approach for UCBs

The RBI came out with a 5-pillared strategic approach ‘GUARD’ to deal with cybersecurity threats faced by UCBs. GUARD comprises Governance Oversight, Utile Technology Investment, Appropriate Regulation and Supervision, Robust Collaboration and Developing necessary IT and cybersecurity skills set. RBI plans to develop a forum for UCBs to share, discuss best practices, practical issues and challenges, creating a framework for providing awareness/training.

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RBI to set up tech hub for innovations in financial service space

An RBI official said on Monday that the bank is setting up an innovation hub, focussing on future tech in the financial service space. They expect tech firms, financial entities, academic entities etc to interact on this hub and start the entire process from ideation to creation of projects. RBI has also released a framework for setting up umbrella entities for operating pan-India retail payments systems.

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Government considers law to ban cryptocurrency as usage surges

The GOI is mulling a law that’d ban cryptocurrencies’ usage in India. Reportedly, the finance ministry has already initiated inter-ministerial consultations. Cryptocurrency usage in India, during the lockdown, rose 10X for local exchangers whereas 545% for global ones; new users rose a humongous 4100%. In 2018, RBI prohibited financial institutions from providing cryptocurrency-related services as it lacked govt stamp. It was changed in March this year.

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What is the future of digital lending in India?

Bank-based loans are replaced by apps. Structured paperwork, restricted loan accessibility for small consumers, marginalised sections resulted in its unpopularity. Fintech enables hassle-free loans to almost everyone. Supported by RBI, fintech is expected to grow $100 B by 2023. Documentation, verification details etc are maintained by AI. Amid excessive use of digital payments, app-based money lending, digital literacy campaigns are essential.

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