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Tag: banks

Banks use AI everywhere, from chatbots to validating cheques

Banks use AI everywhere, from chatbots to validating cheques

Finance
In Axis Bank, cheque authentication today is largely done not by a human teller, but by an artificial intelligence (AI) system. It has multiple advantages. When someone tries to forge a signature, there are minute fissures, blots or anomalies that may not be visible to the human eye, but will become glaringly obvious to a trained bot (software robot). And if the account holder signs in a hurry and it’s not quite the same as in the bank’s system, the bot understands it’s actually a genuine signature. Only in instances where old age or disability has altered a person’s signature significantly does the bot pass on the query to a human. “But this is becoming rare, as our AI gets better with handling cheques and learns more,” says Ratan Kesh, executive VP and head of process transformation and
Indian banks have been under-reporting frauds: RBI

Indian banks have been under-reporting frauds: RBI

Finance
Bank frauds numbers may not be startling, but the way they are reported is. In a staggering revelation indicating that Indian banks have been under-reporting frauds, the Reserve Bank of India has revealed that 90.6 percent of the frauds reported by banks in 2018-19 occurred between 2000 to 2018. Data released by the banking regulator in its latest edition of the Financial Stability Report, suggests that nearly 40 percent of the under-reported frauds actually took place in three years between 2013 to 2016. “The time-lag between the date of occurrence of a fraud and the date of its detection is significant,” the RBI said. ” It was observed that in many cases frauds being reported now were perpetrated during earlier years.” As a fallout of this, the RBI is now reviewing its master direction
I-T department to share details of assets, accounts of loan defaulters with banks: CBDT

I-T department to share details of assets, accounts of loan defaulters with banks: CBDT

Finance
Income tax authorities will share details of assets of borrowers and their guarantors with public sector banks in case of loan defaults. The move is aimed at preventing promoters from siphoning off assets that are not disclosed to banks and comes close on the heels of the income tax department and goods and services tax authorities deciding to share details about taxpayers and defaulters with each other. Decision to share details to banks comes in the backdrop of borrowers not disclosing complete assets to lenders to safeguard them being party of any recovery proceedings But, banks will also have to do their bit for the department. Banks will need to furnish no objection certificate from jurisdictional Commissioner of the loan defaulter before appropriation of the surplus amount recovered ...
Scam victims to be refunded by banks

Scam victims to be refunded by banks

Business
New protection for individuals tricked into transferring money to fraudsters has now taken effect - but not all banks are signed up to the scheme.Some 84,000 bank customers lost money - sometimes tens of thousands of pounds - last year after being caught out.Only a fraction of the amount lost was refunded by banks. Now a new code should mean more will be reimbursed.The refund will come from a central pot in cases when neither the bank nor the customer are to blame.Which banks have signed up?Eight banks, covering 17 brands, have committed to implement the code immediately: Barclays HSBC (including First Direct and M&S Bank) Lloyds (including Halifax, Bank of Scotland and Intelligent Finance) Metro Bank Nationwide RBS (including NatWest and Ulster Bank...
US banks’ first-quarter profits may be the best that they can get this year, Citi analyst says

US banks’ first-quarter profits may be the best that they can get this year, Citi analyst says

Finance
U.S. banks have delivered a mixed bag of first-quarter financial results so far — but that's probably the sector's best this year, especially if the Federal Reserve does not increase interest rates at all, according to a Citi analyst. Four of the six largest American banks have released their first-quarter financial results over the past week. Among them, J.P. Morgan and Wells Fargo reported quarterly profit and revenue that exceeded analysts' expectations, while Goldman Sachs and Citigroup both missed estimates on their revenue. Morgan Stanley and Bank of America are scheduled to report earnings this week.