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Reserve Bank of India to leverage data analytics for identification of fraud cases
Posted On : Saturday, May 18, 2019, 9:55 AM
The central bank of India, RBI has decided to encourage the use of data analytics to recognize fraud cases and manage the instant response and recovery actions to it. The move is a part of RBI’s vision 2019-21 for payments and settlements in electronic space. Along with this, certain other measures are also included in the vision aiming at deepening digital payments and reduce the circulation of cash with time. The central bank has set 4 goals of Vision 2021 which includes 36 peculiar actions over the time span of 36 months. These action points will usher in ease for the users and improve the efficiency of electronic/digital payments. The measures also include coordinating the turnaround time for solving customer complaints.