wordpress blog stats
Connect with us

Hi, what are you looking for?

NABARD can use AI and ML to create credit scoring registry: Finance Ministry report on FinTech

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…

Please subscribe/login to read the full story.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?

News

After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples

News

In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection

News

The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.

News

The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."

You May Also Like

News

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...

Advert

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...

News

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...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ