FM Sitharaman to banks: Deploy AI, Web3 for fraud detection and early warning signals

Finance Minister Nirmala Sitharaman has urged banks to use new technologies such as artificial intelligence (AI) and Web3.0 to detect fraud and develop early warning systems.

FM Sitharaman made the remarks while speaking at the IBA’s 75th annual general meeting (AGM) in Mumbai. The Minister praised the government’s account aggregator framework and called for more reforms that would allow private and public sector banks to interact within the system. She also emphasised the need for more assistance for Regional Rural Banks (RRBs) in the digitisation push, stating that these rural banks should be brought under the account aggregator framework. She also urged banks to digitise their services and train their employees to be digitally savvy.