Srirang Srikantha

Draft Directions on Due Diligence of AePS Touchpoint Operators August 19, 2024 Reserve Bank of India (RBI) has issued draft directions on due diligence of Aadhaar Enabled Payment System (AePS) touchpoint operators. What is Aadhaar Enabled Payment System (AePS)? Aadhaar Enabled Payment System (AePS) is a payment system in which transactions are enabled through Aadhaar number and biometrics / OTP authentication. AePS is operated by National Payment Corporation of India (NPCI). AePS facilitate interoperable financial transactions through the Business Correspondent (BC) / Bank Mitra of any bank, using the Aadhaar authentication. AePS enables basic banking services, viz., cash withdrawal, balance enquiry, mini statement, cash deposit, fund transfer, etc. AePS plays a prominent role in enabling financial inclusion. Read more https://lnkd.in/dg8Qap2k #rbi #rbipolicy #bank #banks #bankingregulation #bankingregulations #payment #payments #aadhaar #aeps #paymentsystem #paymentsystems #npci #businesscorrespondent #financialinclusion #biometric #otp #touchpoint #aadhaarenabled #onboarding

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Our Partner & Head-FinTech, Shilpa Mankar Ahluwalia shared her thoughts with ETBFSI around the RBI’s guidelines for LSPs. As an introduction to the new draft guidelines, RBI said that the identity of a potential lender may be unknown to a borrower in cases where an LSP has arrangements with multiple lenders. Commenting on this, she highlighted that the move will certainly improve product and pricing information gaps. Consumers have different financial requirement and this will allow borrowers to find the “best loan fit". Read More: https://lnkd.in/eDBmNE6R #rbi #lsp #draft #guidelines #lender #consumer #regulation #fintechleaders #views

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Explainer: NII, NIM, CRR - what do these key banking terms mean? India's banking landscape is complex, with a myriad of terms and acronyms leaving many confused. From NIl to NIM, NPA to ROA, CASA to CRR — ETBFSI explains what these common banking terminologies mean, helping consumers stay informed. Story by Anushka Sengupta #BankingExplained #NII #NIM #CRR #BankingTerms #FinancialLiteracy #ETBFSI #Banking101 #StayInformed #FinanceExplainer #BankingJargon #NPA #ROA #CASA #BFSI https://lnkd.in/gXzC7_dx

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Reserve Bank of India (RBI) report on currency and finance report lists the opportunities but flags the cybersecurity and fail of technology. Digitisation poses cybersecurity risks, challenges for regulators. #rbi #digitalpayments #digitaltransformation

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Digital transactions on ONDC will be collateral for credit providers, says T Koshy T Koshy, MD & CEO of Open Network For Digital Commerce (ONDC), shares how digital transaction history will serve as collateral, simplifying loan processes. He also discusses ONDC's journey, key milestones in merchant participation, transaction growth, and how ONDC's network model is transforming digital commerce. In conversation with: Amol Dethe #DigitalTransactions #ONDC #CreditCollateral #DigitalCommerce #NetworkModel #Fintech #TandC #ETBFSI #BFSI Watch here: https://lnkd.in/eqb8uJae

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Govt business is the best business , govt is 40-50% partner in each enterprise even if you make loss as start up and Private business ! NCPI, CSC, are most profitable organisations , while they are tasked to do financial inclusion, imagine VC funded and listed companies payment companesies are not allowed to make money out of UPI and UPI brings profits to govt ! Debatable .. which is public and which is private for profit business ?

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Session Highlights: Keynote Address by Mahesh Ramamoorthy, CIO, YES BANK at the #BFSITechConclave 2024 | 10th May 2024 | #Pune Topic: AI-Driven Transformation - Revolutionising Growth, Risk Management & Efficiencies in BFSI [1] Today, BFSI sector is at the forefront when it comes to adoption of emerging and new technologies. [2] Banking and the entire financial industry is widely and rapidly adopting digital and transforming their businesses accordingly. [3] AI is here to stay. The faster we adopt and the faster we maneuver through the challenges of adopting these new technologies, the better we will be in the industry space. [4] In the BFSI sector, it finds major use cases in areas like customer acquisition and retention, improving risk management through predictive analytics and fraud detection, and automating routine tasks boosting efficiency and reducing costs. [5] A learning from my experience is we should not rush into adopting AI models. But one should first understand the need and usage of it. Also, banks need to understand the importance of data security and privacy in an AI-enabled environment before adopting solutions Nivedan Prakash | Srikanth RP | Harshal Desai | Adarsh Som | Vishnu Gupta | Aaratrika Talukdar | Atreyee Chakraborty | Mansi Singh | Sayantan Mondal | Bidhi Rajput | PRABHAS JHA | Durgaprasad Talithaya | Deepak Patel | Ashish Damania | Aparna Tawade | Praveen Kumar.S | Sunil Kumar | Debnarayan Dutta | Nikhil Rajput | Saksham Sharma | Muhurta Shinde | Vikram Vora

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This panel discussion at the Bharat Fintech Summit 2024 focused on innovations in deposit banking, strategies for scaling up deposits, and the evolving relationship between traditional banks and new-age players like Neo banks. The panelists included Sandeep Arora, Chief Product and Customer Experience Officer, Suryoday Small Finance Bank Ltd, Sanjay Sharda, Head of Consumer Banking, Utkarsh Small Finance Bank, Kunal Varma, CEO & Co-founder, Freo Key Takeaways Deposit Innovation: Banks are finding new ways to make deposits more attractive to customers. Examples include linking deposits to customer goals (e.g., saving for a vacation) and offering bundled products that combine deposits with loans or other services. Partnerships: Collaboration between banks and Neo banks is seen as a key driver of growth. Neo-banks can leverage the deposit licenses of traditional banks, while banks can benefit from the innovative customer experience offered by Neo-banks. Customer Acquisition: Both banks and Neo banks are focusing on keeping customer acquisition costs low. Effective strategies include leveraging digital channels and building organic customer bases. Customer Stickiness: Banks can increase customer stickiness by offering a variety of products and services that meet the needs of their customers. Additionally, a seamless and user-friendly digital experience is crucial. Future of Banking: The panelists believe that the distinction between traditional banks and Neo banks will diminish over time. Successful players will be those who can scale their businesses and offer a comprehensive and innovative product suite. Consolidation in the industry is also expected, with some Neo banks being acquired by banks. Summary The panel discussion highlighted the importance of innovation, collaboration, and customer focus in the deposit banking landscape. As the industry continues to evolve, traditional banks and Neo banks will need to adapt and work together to meet the changing needs of their customers. Watch the insightful session here: https://lnkd.in/dsCRwxd8 #FintechIndia #DigitalBanking #DepositInnovation #BankingTheFuture #NeoBanks #FinancialInclusion #BharatFintechSummit #BankingCollaboration #CustomerCentricBanking #banks #nbfc #smallfinancebank #traditionalbank

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Credit card payments need to go through a single digital framework called Bharat Bill Payment System (#BBPS). What’s this BBPS about ? Why is there a regulatory nudge by Reserve Bank of India (RBI) to move the #payments sector towards a centralised system ? What’s in it for the consumers ? Is there a fear that such an #openbanking move could increase #competition ? What’s behind the stand-off and why won’t the RBI budge? My oped in The CapTable https://lnkd.in/dcKBVzrp (Behind a paywall)

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A really good article by Jyotindra Dubey in The Economic Times highlighting how Arvind Dham, the ex-promoter of Amtek Auto built a network of 500 shell companies and appointed dummy directors (junior employees such as drivers, office boys, peons) to divert loan proceeds and perpetrate fraud. Kudos to Mr. Dubey for unraveling the fraud so diligently. In my experience, tools such as Ultimate Beneficial Owner (UBO) Reports, Legal Entity Identifier (LEI), and KYC Checks can play a role in identifying linked companies through minute checks - common addresses, phone numbers, mobile numbers or URLs of different entities. It is not easy to detect these linkages, but there are telltale signs.....even the most consummate fraudsters leave some clues. The best part is that these Identity Checks, UBO Reports and KYC tools are inexpensive, despite being remarkably effective. Have you made these counterparty checks a part of your credit, supplier and compliance risk assessment and monitoring workflow? If you need more information about these solutions, the team at Rubix Data Sciences Private Limited will be happy to help. You can reach us at: Phone: +91-22-4974 4274 Email: [email protected] #KYC #UltimateBeneficialOwner #UBO #Fraud #ShellCompanies #DummyDirectors #CreditRisk #MoneyLaundering #SupplierRisk #ComplianceRisk Mohan Ramaswamy Mohan Tanksale Samiran Ghosh Tushar Bhaskar Ankita Drolia Abhishek Shetty Anand Date Kaustubh Barve Simantini Biswas Hasan Naqvi Anshuman Thakur Ravi Khiyani Amandeep Bhatia Manova Ramachandran Ramaswamy Iyer Vinod Parmar chittur krishnan venkatesh Sundeep Bhalla Amit Parmar BALBIR MAAN LITESH MAJETHIA Ambika Ravi Nesal Lalan Anurag Joshi Rahul Khanna Kalyan Basu Manish Gadia Thyagarajan Krishnamuthy

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We as a nation are systematically set up for failing our citizens. The widespread adoption of mobile, digital payments and financial services have meant that we are trapped with the OTP menace. SMS based text messages are based on a casual communication protocol from the 1980s and we use that verifying critical payments and our very identity no less! No wonder fraudsters are exploiting this in every which way especially with the most vulnerable - the elderly and the digital newbie labor class We cannot use passwords or PINs also. 99% of citizens are security illerate and these methods are super-prone to social engineering. In fact we simply cannot rely on 'what you know' to reliably authenticate users. So what do we do? We have to evolve to 'what you have' as an industry and as a nation as per us at Zeta the answer lies in moving towards trusted network authentication. SMA or silent mobile authorization is proming but not without its share of problems. A better solution would be telecom operator Apps on the mobile phone that provide authentication service to everyone the only reliabily phising proof solution though is to use FIDO compliant wearables. There are many but affordability is often cited as the barrier to their adoption. We've seen bluetooth devices break the barrier when the industry as a whole pushed for their adoption. we believe that can happen here also The fraudster is way ahead of us. They will move to unfriendly nations, adopt the very AI that is supposed to protect us to brute force hack us and stop at nothing to advance their cause. Our only hope is for all stakeholders to come together and put a end to end security framework and implement it in respective parts with utmost seriousness Is the industry taking security and risk with the required seriousness? I had an opportunity to sit down with Ramesh Lakshminarayanan Karan SapraAshok HariharanNatasha Jethanandani and Nivedita Mookerji and discuss this very important topic at the Business Standard BFSI summit last week. Each of the panelists are doing deep work in this space and it was personally very enlightening for me read more about it here:

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When one of India’s top banks needed to protect sensitive customer data while working with a third-party agency, they turned to Seclore for the perfect solution. With Seclore's SDKs and APIs, DFC First Bank integrated automated file security directly into their document management system—no major code rewrite, no disruption to their customer onboarding process. Now, PII is automatically secured from the moment it’s uploaded, ensuring only authorized users can access it—internally and externally. This has not only improved security but helped the bank achieve compliance with ease, all while saving costs on development. The result? A seamless, secure customer experience that builds trust while keeping data safe, even beyond the organization’s walls. Learn more: https://lnkd.in/gSsezRhr #CustomerSuccess #DataSecurity #FinancialServices #Compliance #PII #DocumentManagement #Banking #BankingSecurity

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In India's BFSI (banking, financial services, and insurance) sector, challenges like credit access and regulatory compliance persist. Traditional methods overlook nuances, hindering financial inclusion. Businesses struggle with compliance while aiming for innovation. Yet, the advent of tech solutions like Sesame, India's first LLM for BFSI, is a game-changer. Developed by Setu and Sarvam AI, Sesame is tailored to India's needs, offering localized solutions from credit assessment to advisory services. Its impact goes beyond efficiency, fostering financial inclusion and marking a shift towards tech-driven transformation in BFSI.#innovation #technology #tech #design #business #engineering #startup #entrepreneur #entrepreneurship https://lnkd.in/geZkXfD2

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CAM Blog: The latest post on our blog by Anu Tiwari , Jeeta Nayak and Vishrut Jain is on “Global Capability Centers – Trends, Opportunities and Recent Learnings” Read it at: https://lnkd.in/dWg9JRN4 #GlobalCapabilityCenters #FinancialInstitutions #GCCs #BlogsbyCAM

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Explore the transformative impact of digital transformation in fintech in this insightful article. Geetanjli Dhanjal, Senior Director of Business Transformation at Yantra delves deep into the evolving landscape of finance, offering invaluable insights and expert perspectives. Discover the key trends shaping the future of finance and unlock strategies to stay ahead in the digital era. Don't miss out on this must-read article! Read now: https://shorturl.at/ilzEM #Finance #Fintech #DigitalTransformation #FutureofFinance #ExpertInsights Elets Technomedia

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As a technology consultant, we have witnessed the impact of digital transformation in streamlining financial processes and operational excellence. Geetanjli Dhanjal shares insights with Elets Banking and Finance on driving automation by integrating FinTech solutions with ERP. Read the article here to learn more. #fintech #erp #digitaltransformation #nestsuite #yantrainc.

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