DATA AND DIGITAL SYSTEMS
Hunt on for mule bank accounts; Tata Digital pause on funding
The government is working with the central bank to catch mule accounts in India’s banking system and prevent fraud. This and more in today’s ETtech Morning Dispatch.
How data, AI tech and quantum computing are shaping the future of work
Half of global GDP likely to be digitised by 2025. Every key sector in the country now be it BFSI, healthcare or digital natives is embracing AI.Quantum computing will be the next big technology to watch out for with the impact it can make in fields like drug discovery and material sciences.
NASA's Voyager 1 Returns: 46-year-old spacecraft is fully operational again, sends signals from 15 billion miles away
After facing a grave computer problem last year, NASA's Voyager 1 spacecraft is now fully operational, sending back usable data about interstellar space. The spacecraft, launched in 1977, has been instrumental in transmitting data about outer planets and the solar system's far reaches for nearly fifty years. Engineers spent months resolving the issue, which was particularly challenging due to the spacecraft's distance from Earth. Despite its age, Voyager 1 continues to defy expectations and provide invaluable insights into the universe.
191 smallcaps shine with double-digit gains in a positive market week
During the week, as many as 191 smallcap stocks delivered double digit returns with 13 of them gaining 25% or more. PTC Industries was leading the smallcap pack at 35%, followed by Avantel at 33% and Honda India Power at 30.47%.
How to prevent Big Tech dominance, protect privacy and ensure fair competition
The magnitude, scale and speed at which such platforms operate demand ex ante regulation, if the real interests of consumers are to be protected.
Paying for numbers is a crank call, TRAI
The Telecom Regulatory Authority of India (Trai) has suggested charging for telephone numbers due to their finite nature. Despite the potential to increase capacity by adding digits, the growing use of numbers for machine communication poses a challenge. Transitioning to a new numbering system incurs costs, making numbers a limited resource over time. While depopulation and efficient recycling could suffice for humans, the machine-driven demand complicates differential pricing. An alternative approach could involve randomization, similar to the internet, to manage the finite availability of telephone numbers.
RBI strikes against UPI, digital payment fraud, plans to set up a digital payment intelligence platform
Fight against digital payment frauds: The RBI proposes a digital payments intelligence platform to combat a surge in digital payment frauds. Fraud cases reported to the RBI jumped 300% to 36,000 in FY23 compared to FY22, highlighting the need for a system-wide approach. The central bank forms a committee that will examine setting up this infrastructure to facilitate real-time data sharing across the digital payments ecosystem.
Data storage cos in a sweat over need to stay cool
Data centers in western and northern India are facing rising operational costs due to soaring temperatures. Firms like Yotta and CtrlS are using alternative cooling methods and renewable energy, while ESDS reports a 10-12% rise in power costs due to erratic grid supply. Several of these data centres are located in New Delhi, Haryana, Noida.
Meta hit with privacy complaints over AI plans
A Vienna-based privacy group filed complaints against Meta in 11 European countries over unlawful AI data use. Microsoft announced a $3.2 billion AI investment in Sweden over two years, AMD unveiled new AI chips to challenge Nvidia, and Cisco plans a $1 billion investment in AI startups for secure AI services.
Inadequate tech at banks to blame for UPI downtimes
RBI governor Shaktinata Das mentioned that downtime in the UPI payment system is primarily due to weak technology on the banks' side rather than issues from NPCI. The volume of UPI transactions per day exceeds 450 million, with several instances of downtime reported in May 2024. The central bank has been working to reduce downtime instances to less than 1%.
G20 Sherpa Amitabh Kant lauds India's digital transformation journey in 9 years
India has made significant strides in digital transformation over the past nine years, with a 96% reduction in data costs and a 1.4 billion people now having a unique digital identity (Aadhar). This has led to greater access and usage of digital services across the country. India's Unified Payments Interface (UPI) has seen exponential growth, contributing 46% of the global share in real-time digital payments.
Banking frauds triple in the past fiscal year: RBI data
The amount involved due to fraud in public banks was Rs. 10,507 crores, while private banks incurred losses of Rs. 3,107 crores. The number of frauds due to card and internet transactions shot up more than four times, with 29,000 cases being detected in FY24.
How Jocata is helping financial services industry move from legacy systems to AI-powered solutions
Jocata’s low-code platform is driving the future of enterprise lending and embedded finance, says Prashant Muddu, Managing Director & CEO.
Senior-level adtech and martech roles combine creativity, tech and business sense
The adtech (advertising technology) and martech (marketing technology) sectors require a unique balance of creativity, business acumen, and technological skills, especially at senior levels. Companies seek professionals with expertise in data analytics, AI/ML, and digital marketing, as these roles are crucial for connecting brands with customers and driving hyper-personalization.
India must loosen the cords tying it too tightly to the pervasive influence of global Big Tech
India aims for self-sufficiency through autarky and atmanirbhar initiatives, focusing on nurturing the 13 markers of 'Viksit Bharat' for a fully digitised economy and sustained growth in various sectors.
Embracing Industry 4.0: Navigating business transformation trends in the digital age
Post-pandemic, the focus on Industry 4.0, Circular Value Chains, Autonomy via Edge Computing, and Demand-Driven Digital Supply Chains reshaped global business dynamics. India's leadership in AI, cybersecurity, and sustainable manufacturing practices highlights its commitment to digital transformation.
Got your digital doppelganger yet?
Last year, Wall Street Journal columnist Joanna Stern wrote an article, 'I Cloned Myself With AI. She Fooled My Bank and My Family'. Even though AI Joanna was able to trick the voice biometric system on her credit card, the automated system asked for additional verification when a video intern for WSJ called and did her best Joanna impression.
PSBs set to develop road map for deploying GenAI systems
According to sources familiar with the matter, state-owned banks are preparing to devise a comprehensive strategy and roadmap for implementing generative artificial intelligence (GenAI) systems. Pilot projects are slated for launch within the current fiscal year.
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