A report by the Department of Economic Affairs, under the Finance Ministry, on fintech noted that fintech companies like Credit Mantri, CreditVidya and Samunnati were using AI and ML to create an alternate lending data score. It recommended that NABARD (National Bank for Agriculture and Rural Development) work along the same lines as these companies and create a credit registry for farmers for credit scoring, default analytics, predictive crop analytics, repayment monitoring, fraud control, and improving efficiency in credit services. It's worth noting that CreditVidya was found to be embedding tracking software in certain mobile apps, which gave it the access to a person's GPS locations, and business SMSes from ecommerce sites and banks, according to a HuffPost India report. The user data was used to power CreditVidya’s algorithms that help lending companies determine the credit-worthiness of loan applicants. It ran this code for several months in 2017. Here are some key recommendations made by the DEA surrounding AI and ML: 1. PSU banks can use AI and ML for risk management: The report recommended that the Department of Financial Services (DFS) and PSU (public sector undertaking) banks use AI, ML and cognitive analytics for risk management, compliance management and fraud control. It also said that the DFS and PSU banks should work on a roadmap to adopt these technologies in a time-bound manner. 2. AI can help in better compliance: AI has the potential to help firms detect compliance risks and make better-informed decisions about how to mitigate them, the report…
- MediaNama Daily: It’s not you, it’s your data January 28, 2023
- Why is Google not fully complying with India’s orders, MapmyIndia CEO asks January 27, 2023
- Unique Identification Authority of India working on age verification through e-KYC January 27, 2023
- Views: Why India’s “indigenous” smartphone operating system BharOS is overhyped January 27, 2023
- Here’s why Twitter employees’ access to its ‘God Mode’ function is a problem January 27, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...