In August, the central bank had announced that it will set up the Reserve Bank Innovation Hub (RBIH) to promote innovation across the financial sector by leveraging on technology and creating an environment that would facilitate and foster innovation.
While opening new accounts, banks can check if the name appears in any mule data. In case it does, the bank can conduct enhanced due diligence.
The Indian government is integrating artificial intelligence into the Crime and Criminal Tracking Network & Systems (CCTNS) 2.0 to enhance crime tracking, criminal profiling, and predictive policing across the country.
The amount involved in banking system frauds surged to Rs 21,515 crore in the first half of FY26, up 30 per cent from the same period last year, even as the number of frauds fell 2.8 times to 5,092.
Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday said the central bank has developed an innovative artificial intelligence and machine learning (AI/ML) based model MuleHunter.ai to address the growing issue of mule bank accounts that are often used for committing financial fraud. Developed by the Reserve Bank Innovation Hub, the new initiative is piloted with two public sector banks.
By enabling real-time data sharing, the platform will help prevent scams and ensure secure transactions.
State-owned banks have received guidance from the government to close Jan Dhan accounts whose beneficiaries are unwilling to keep them active, amid rising instances of such accounts being misused by fraudsters as mule accounts to defraud people, people aware of the development said.
Is Bhutan merely experimenting with digital finance -- or is the Himalayan kingdom punching far above its weight, quietly playing one of the most sophisticated strategic games in Asia today? asks Varun Arya.
In a major decision, the RBI on Friday announced that UPI payment limit to hospitals and educational institutions will be raised to Rs 5 lakh from Rs 1 lakh at present and hiked the cap for e-mandates for recurring payments to Rs 1 lakh. Unveiling the December bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said the limit for various categories of Unified Payments Interface (UPI) transactions has been reviewed from time to time. "It is now proposed to enhance the UPI transaction limit for payment to hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh per transaction," he said.
'The central bank has highlighted that the slowdown in growth has been limited to a few sectors and overall growth is expected to pick up in the second half of the year.'
The Reserve Bank on Thursday said it will come out with a framework allowing borrowers to switch to fixed interest rate from floating interest rate, a move that would provide relief to borrowers of home, auto and other loans reeling under the impact of high interest rate. Unveiling the bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said under the framework, to be put in place shortly, the lenders will have to clearly communicate with the borrowers about tenor and EMI. "The supervisory reviews undertaken by the Reserve Bank and the feedback and references from members of public have revealed several instances of unreasonable elongation of tenor of floating rate loans by lenders without proper consent and communication to the borrowers," he said.
PayPal Payments Pvt Ltd (PayPal), the Indian subsidiary of PayPal Holdings Inc, has received in-principle approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregatorross Borderxports (PA-CB-E). This marks a key milestone in PayPal's operations in India and its continued support for Indian small businesses, enabling secure cross-border payments to approximately 200 markets, the company said in a statement.
Prime Minister Narendra Modi inaugurates the Navi Mumbai International Airport and a portion of the Mumbai Metro Line, marking significant improvements to transportation infrastructure in Mumbai.
The RBI Board on Friday approved the transfer of Rs 57,128 crore as surplus to the central government for the accounting year 2019-20, the central bank said in a statement.
Finance Minister Nirmala Sitharaman on Tuesday asked fintech firms to focus on risk management at a time when criminals are using AI to mimic voices, clone identities and create lifelike videos to manipulate people.
'With a very stable technology with limited functionalities, a large network has spanned out.'
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
Leveraging global capital markets to give muscle to an innate competitive advantage in rapid mass transaction systems will lead to India becoming a petri dish for global enterprises and new-age innovation that it yearns to be.
India SME Forum, an organisation for small and medium businesses, has called for creating a dedicated fund of Rs 5000 crore for the export capacity development, promotion, and marketing of Micro, Small & Medium Enterprises (MSMEs) in its Budget recommendation. The forum for MSMEs with over 98,000 members said that to enhance India's global competitiveness and increase its market share in global exports, it was "crucial to increase the number of active exporters and enable at least 3-4 lakh first-time micro, small, and medium exporters while supporting them in promoting Indian products globally."
The Indian economy will expand by 5.6 per cent during 2014-15 even as the Reserve Bank is not likely to cut interest rates this year, according to Ficci's latest Economic Outlook Survey.
From March 3, investors in India will be able to trade in select US stocks through the NSE International Exchange (NSE IFSC), a wholly owned subsidiary of the National Stock Exchange (NSE). Investors can invest in NSE IFSC receipts on US stocks, which will be in the form of unsponsored depository receipts (DRs). For a start, this will include DRs of 50 US stocks such as Apple, Alphabet, Amazon, Tesla, Microsoft, Morgan Stanley, Nike, P&G, Coca-Cola, and Exxon Mobil. Indian retail investors will be able to transact on the NSE IFSC platform under the Liberalised Remittance Scheme (LRS) limits prescribed by the Reserve Bank of India (RBI), which currently stand at $250,000 per year.
Policy lays out a 5-year road map seeking creation of 3.5 mn jobs and promoting 10,000 start-ups.
With the spate of businesses turning their attention to Ayodhya, land rates have shot up, in some pockets by as much as 10 times. Whether one walks into a hotel lobby or sits down for a meal, land deals are being discussed at every other table -- one on one or among groups.
In an interaction with former Congress chief Rahul Gandhi on the impact of lockdown on India's economy, Rajiv Bajaj, MD, Bajaj Auto, said India tried to implement a hard lockdown which was still porous and ended up with the worst of both worlds.
The higher rate cut by RBI is positive for rate-sensitive sectors in the medium to long term.
Qatar is the world's richest country in terms of per capita income.
I-T lens on current account deposits over Rs 12.5 lakh. All the news and more post demonetisation.
"Reform is not an end in itself. Reform for me is just a way station on the long journey to the destination. The destination is the transformation of India," he said.
Here's the full text of President's Ram Nath Kovind's address to the joint sitting of both houses of Parliament on the first of Budget Session 2022.
Indian economy about to take-off
