RBI – pressnews

5 Things about AI you may have missed today: AI to translate sign language, OpenAI unveiled new office in Tokyo, more

1Apr

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Technology

5 Things about AI you may have missed today: AI to translate sign language, OpenAI unveiled new office in Tokyo, more

[ad_1] AI roundup: A Pune-based startup, Glovatrix has taken advantage of Artificial Intelligence (AI) technology to introduce a voice translation device for sign languages. This is a great step to discard communication barriers among the deaf community. In other news, OpenAI looks for expansions and opens a new office in Tokyo. Know more about such AI news from today. A Pune startup leverages AI to translate sign languageA startup named Glovatrix which was founded by Parikshit Sohoni and Aishwarya Karnataki has announced a device for workplace communications which will provide voice translation to sign language. The device is integrated with AI which enables the device to understand the gestures. To train the system, the device tracks details about the movement which enables it to reco...

5 things about AI you may have missed today: RBI Guv urges vigilance against AI threat, panel explores AI ethics, more

15Mar

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Technology

5 things about AI you may have missed today: RBI Guv urges vigilance against AI threat, panel explores AI ethics, more

[ad_1] RBI Governor Shaktikanta Das urges financial vigilance amidst AI cyber threats; panel explores AI ethics; AI system may aid future Alzheimer's drug synthesis; AI powered offline phone revolutionises access for visually impaired- this and more in our daily roundup. Let us take a look.1. RBI governor urges financial vigilance amidst AI cyber threatsRBI Governor Shaktikanta Das warns of AI's impact on financial cybersecurity at RBI Ombudsman Conference. He urges institutions to safeguard customer data amidst technological advancements. Das stresses the role of data analytics in enhancing service and calls for preemptive measures against fraud. Emphasising cybersecurity's criticality, he urges prompt vulnerability rectification to maintain consumer trust, PTI reported. Also read: C...

Embattled Paytm’s Vijay Shekhar Sharma steps down from payments bank board in wake of RBI crackdown

26Feb

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Technology

Embattled Paytm’s Vijay Shekhar Sharma steps down from payments bank board in wake of RBI crackdown

[ad_1] Indian digital payments firm Paytm said on Monday Vijay Shekhar Sharma would step down as non-executive chairman and board member of its payments bank's unit, as the embattled company overhauls its board in the wake of a central bank clampdown.Paytm likely to partner with four banks for enabling UPI transactions, sources sayTroubledPaytm is likely to partner with Axis Bank, HDFC Bank, State Bank of India and Yes Bank for processing transactions via the popular unified payments interface (UPI), two sources aware of the development said. The central bank has asked Paytm Payments Bank, the banking unit of Paytm to wind down its business by March 15, leading to disruption for the popular payment app. UPI is India's real-time payments system, operated by the National Payments Corporat...

Paytm Payments Bank forced to stop conducting business by RBI; how mobile wallet business stoppage impacts customers

31Jan

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Technology

Paytm Payments Bank forced to stop conducting business by RBI; how mobile wallet business stoppage impacts customers

[ad_1] The Reserve Bank of India on Wednesday ordered Paytm Payments Bank Ltd., a unit of One 97 Communications Ltd., to stop its popular mobile wallet business along with other activities, citing persistent non-compliance and supervisory concerns. The regulator said the firm, which processes transactions for India's digital payments giant Paytm, must stop its banking activities after Feb. 29. How are customers affected?Existing customers, however, can withdraw their funds and use up the balance in the prepaid cards or wallets without any restrictions, the RBI said. Setback after setbackThe latest decision comes nearly two years after the regulator barred the bank, from taking on new customers because it violated certain rules, Bloomberg News had reported. Founder Vijay Shekhar Sharma h...

Paytm layoffs: Over 1000 employees fired; company cites AI benefits as the big reason

25Dec

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Technology

Paytm layoffs: Over 1000 employees fired; company cites AI benefits as the big reason

[ad_1] Paytm layoffs: Just a day after reports suggested Google may fire as many as 30000 employees due to AI rendering those jobs useless, Paytm's parent company One97 Communication has given the pink slip to more than 1000 employees across different departments as a cost-cutting measure. As per reports, the Paytm layoffs took place over the last few months. One of the major reasons that enabled the company to restructure its workforce was the advancement in artificial intelligence (AI), which led to some positions being regarded as surplus to the needs of the company.According to a report by the Economic Times, which was the first to highlight the development, the move will reduce the overall workforce of Paytm by 10 percent. The cost-cutting strategy was taken after the company left ...

In big move, Bajaj Finance eCOM, Insta EMI Card digital lending products put on hold by RBI

15Nov

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Technology

In big move, Bajaj Finance eCOM, Insta EMI Card digital lending products put on hold by RBI

[ad_1] The Reserve Bank of India (RBI) on Wednesday, November 15, ordered Bajaj Finance to put a halt to sanctioning and disbursing loans through two of its online lending products named eCOM and Insta EMI Card with an immediate effect. The RBI directive came after the company failed to adhere to the extant provisions of digital lending guidelines. RBI highlighted that the company did not issue key fact statements to borrowers for the lending products. There were also deficiencies concerning other digital loans sanctioned by the company, the RBI said.These supervisory restrictions will be reviewed after the rectification of said deficiencies to the satisfaction of the RBI, the central bank added. In August 2022, the RBI unveiled a set of regulations aimed at overseeing digital lending. ...

Google for India 2023: Google to launch Digi Kavach to protect Indian users from online scams

19Oct

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Technology

Google for India 2023: Google to launch Digi Kavach to protect Indian users from online scams

[ad_1] The Google for India 2023 event has just concluded. The big annual event took place in New Delhi's Pragati Maidan. A roundtable conference was also organized where senior executives of Google talked about various initiatives and programs in front of select people from the media. One of the major highlights was the announcement of the launch of Digi Kavach, a new program designed to keep users safe online and to protect them from scams. The project is being launched in India as a pilot project, and later the model will also be implemented in other countries.Saikat Mitra, vice president and head of trust and safety, at APAC, made the big announcement and said that this program was born out of the concern of how to keep 1 billion people of India safe online. Digi Kavach was being la...

Why Indians In Gulf Are Having A Tough Time Over Rs 2,000 Notes

29May

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Business

Why Indians In Gulf Are Having A Tough Time Over Rs 2,000 Notes

[ad_1] The RBI said it had asked banks to stop issuing Rs 2,000 notes with immediate effect.Dubai: Several Indians in the Gulf nations are having a harrowing time ever since the Indian government decided to withdraw the Rs 2,000 notes from circulation, with a lot of them saying that the banking institutions in the region are claiming to be not aware of the policy change.On May 19, the Reserve Bank of India (RBI) made a surprise announcement of the withdrawal of Rs 2,000 currency notes but gave the public time till September 30 to either deposit the Rs 2,000 notes in accounts or exchange them at banks.The RBI said it had asked banks to stop issuing Rs 2,000 notes with immediate effect.In the UAE, Indians are facing a tough time getting Rs 2,000 notes exchanged.Among many is Firoza Sheikh ...

Zomato’s Take On RBI’s Rs 2000 Note Withdrawal Strikes A Chord With Twitter Users

21May

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Health

Zomato’s Take On RBI’s Rs 2000 Note Withdrawal Strikes A Chord With Twitter Users

[ad_1] The Reserve Bank of India (RBI) recently announced the withdrawal of Rs 2000 notes from circulation on May 19, 2023. While the banknotes will still remain legal tender, the RBI has advised all banks to provide exchange and deposit facilities until September 30, 2023. After this date, individuals will no longer be able to get their banknotes exchanged. This sudden announcement has left people extremely confused, and they have taken to social media to share their viewpoints, along with hilarious memes. Food delivery application, Zomato, too joined the bandwagon to share their take on the decision, and it has certainly struck a chord with Twitter users.Also Read: Twitter Compares Food Order Costs On ONDC With Zomato And SwiggyZomato took to the micro-blogging platform to share a hila...

After RBI criticises Axis Bank for missing UPI bus, MD & CEO reacts

10Dec

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Technology

After RBI criticises Axis Bank for missing UPI bus, MD & CEO reacts

[ad_1] After being chided by RBI brass for missing the UPI bus by not investing early, a top executive of Axis Bank on Thursday said banks do not have money to burn. After being chided by RBI brass for missing the UPI bus by not investing early, a top executive of Axis Bank on Thursday said banks do not have money to burn for building such businesses. "We didn't have ₹3,000 crore of money to make a loss on," was the quick response of Amitabh Chaudhry, the managing director and chief executive of the third largest private sector lender, when asked to comment on RBI Deputy Governor T Rabi Sankar's weekend statement. Speaking at an event organised by brokerage Motilal Oswal, Chaudhry further said businesses like Unified Payments Interface (UPI) are loss-making and also lack cash fl...