FM Sitharaman to banks: Deploy AI, Web3 for fraud detection and early warning signals

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Finance Minister Nirmala Sitharaman has urged banks to use new technologies such as artificial intelligence (AI) and Web3.0 to detect fraud and develop early warning systems.

FM Sitharaman made the remarks while speaking at the IBA’s 75th annual general meeting (AGM) in Mumbai. The Minister praised the government’s account aggregator framework and called for more reforms that would allow private and public sector banks to interact within the system. She also emphasised the need for more assistance for Regional Rural Banks (RRBs) in the digitisation push, stating that these rural banks should be brought under the account aggregator framework. She also urged banks to digitise their services and train their employees to be digitally savvy.

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Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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FM Sitharaman to banks: Deploy AI, Web3 for fraud detection and early warning signals

Finance Minister Nirmala Sitharaman has urged banks to use new technologies such as artificial intelligence (AI) and Web3.0 to detect fraud and develop early warning systems.

FM Sitharaman made the remarks while speaking at the IBA’s 75th annual general meeting (AGM) in Mumbai. The Minister praised the government’s account aggregator framework and called for more reforms that would allow private and public sector banks to interact within the system. She also emphasised the need for more assistance for Regional Rural Banks (RRBs) in the digitisation push, stating that these rural banks should be brought under the account aggregator framework. She also urged banks to digitise their services and train their employees to be digitally savvy.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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