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RBI Launches Major Initiatives to Streamline Regulations, Empower Retail Investors & Enhance Fintech Insights

The Reserve Bank of India (RBI) unveiled three initiatives designed to streamline regulatory processes, empower retail investors, and offer comprehensive insights into the expanding fintech sector.

The first initiative, the PRAVAAH portal (Platform for Regulatory Application, Validation, and Authorization), marks a major advancement in digitizing and centralizing regulatory applications. This secure online platform aims to simplify and accelerate the process for individuals and entities seeking authorizations, licenses, or regulatory approvals from the RBI.

In addition, the RBI Retail Direct mobile application is set to transform retail investment by allowing investors to buy and sell government securities (G-Secs) directly from their smartphones. With its user-friendly interface available on both Android and iOS platforms, the app aims to democratize access to the bond market, enabling retail investors to easily participate in both primary and secondary market transactions.

The third initiative is the FinTech Repository, a comprehensive database designed to provide valuable insights into India’s fintech landscape. By gathering data on fintech firms, their activities, and technology adoption within regulated institutions, this repository is expected to enhance regulatory understanding and inform policy making. Managed by the Reserve Bank Innovation Hub (RBIH), the repository will offer policymakers and industry participants critical sectoral insights, aiding the creation of targeted and adaptable regulations that foster a secure and innovative financial environment.

Through these initiatives, the RBI reaffirms its commitment to maintaining India’s financial stability and promoting a secure, dynamic, and flourishing financial future.

Balancing Advanced Technologies and Data Security – Navigating GenAI for Threat Mitigation

In the rapidly evolving landscape of cybersecurity, leveraging advanced technologies such as Generative AI (GenAI) for threat mitigation is becoming increasingly essential. However, ensuring data security and privacy compliance for consumers remains a critical concern. Striking this balance requires a thoughtful, strategic approach, blending technological innovation with robust data governance. Here’s how organizations can achieve this balance effectively:

Data Governance and Risk Assessment

The journey begins with a comprehensive risk assessment to understand the potential impacts of using GenAI for threat mitigation on data security and privacy compliance. Establishing clear governance policies and procedures is vital to managing the risks associated with the collection, processing, and storage of consumer data. A thorough risk assessment helps in identifying vulnerabilities and developing mitigation strategies, ensuring that GenAI applications do not compromise consumer privacy.

Privacy by Design

Integrating privacy principles into the design and development of GenAI solutions from the outset is crucial. This involves embedding privacy considerations into every stage of the technology lifecycle, from data collection and processing to sharing and storage. Implementing privacy-enhancing technologies and techniques helps minimize the risk of unauthorized access or disclosure of consumer data. Privacy by Design ensures that privacy is not an afterthought but a foundational aspect of the technology.

Transparency and Consent

Maintaining transparency with consumers regarding the collection, use, and sharing of their data is fundamental. Clear and concise privacy notices should explain how consumer data will be used, who will have access to it, and the rights consumers have regarding data access and deletion. Obtaining explicit consent from consumers before processing their personal data for any purpose not directly related to threat mitigation fosters trust and ensures compliance with regulatory requirements.

Data Security Measures

Robust data security measures are essential to protect consumer data from unauthorized access, disclosure, or alteration. Employing encryption, access controls, authentication mechanisms, and monitoring tools can safeguard sensitive information effectively. Regular assessments and updates to security measures are necessary to address emerging threats and vulnerabilities, ensuring that consumer data remains secure in a constantly changing threat landscape.

Data Minimization and Purpose Limitation

Limiting the collection and processing of consumer data to only what is necessary for legitimate threat mitigation purposes is a key principle. Adopting a data minimization approach ensures that only the minimum amount of personal data required to achieve the intended objectives is collected and retained. Clearly defining the purpose of data processing and ensuring it aligns with consumer expectations and consent is crucial for maintaining trust and compliance.

Data Retention and Deletion

Establishing clear policies for data retention and deletion is essential. Define retention periods based on legal requirements, operational needs, and consumer consent. Ensure that data is securely deleted or anonymized when it is no longer needed for its intended purpose. This approach helps in mitigating risks associated with unnecessary data retention and ensures compliance with privacy regulations.

Third-Party Risk Management

Evaluating the security and privacy practices of third-party vendors and service providers involved in the deployment and operation of GenAI solutions is critical. Conduct thorough due diligence assessments, establish contractual obligations, and implement oversight mechanisms to ensure third parties comply with data security and privacy requirements. Effective third-party risk management minimizes potential vulnerabilities introduced by external partners.

Training and Awareness

Providing training and awareness programs to employees involved in the development, implementation, and operation of GenAI solutions is vital. Educating them about the importance of data security and privacy compliance, as well as their roles and responsibilities in safeguarding consumer data, fosters a culture of security within the organization. Continuous training ensures that employees stay updated with the latest best practices and regulatory requirements.

Monitoring and Compliance Audits

Implementing ongoing monitoring and auditing processes to ensure compliance with data security and privacy regulations is necessary. Regular assessments of GenAI systems, data processing activities, and associated controls help identify potential gaps or deficiencies. Taking corrective action as necessary to address non-compliance issues and mitigate risks ensures that the organization remains compliant and secure.

Continuous Improvement

Continuously evaluating and improving data security and privacy practices in light of evolving threats, technologies, and regulatory requirements is essential. Staying abreast of industry best practices, emerging trends, and lessons learned from security incidents enhances the effectiveness of GenAI solutions while safeguarding consumer data. A proactive approach to continuous improvement helps organizations maintain a robust security posture in a dynamic environment.jitendra

By following these guidelines and adopting a proactive, holistic approach to data security and privacy compliance, organizations can effectively leverage advanced technologies like GenAI for threat mitigation. This balanced approach ensures that consumer trust is maintained and regulatory compliance is achieved, enabling organizations to harness the power of GenAI while protecting consumer data.

Views expressed by Dr. Jitendra Mohan Bhardwaj, Group CISO, Tata Advanced Systems Limited

Infra.Market Secures $50 Million from MARS Unicorn Fund

Infra.Market has successfully raised $50 million from the MARS Unicorn Fund, a collaborative venture between Liquidity Group and MUFG. This latest investment brings the total funding from MARS and Liquidity to $100 million, following a previous investment of $50 million in 2022. Although the company did not disclose its current valuation, it was valued at $2.5 billion during an equity round in August 2021.

Established in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market specializes in the sale of construction materials, infrastructure goods, and technical equipment. The company is targeting the $140 billion construction materials market, focusing heavily on the infrastructure sector. Infra.Market serves both institutional customers (B2B) and retail outlets (D2R) across 16 states in India, and it exports to international markets including Dubai, Singapore, Jordan, and Italy.

In the previous year, Infra.Market divested 10% of its stake in RDC Concrete, valued at $20 million, to investors led by Ashish Kacholia. Infra.Market had acquired RDC Concrete for $90 million in September 2021 and holds a majority stake in Strata Geosystems, Equiphunt, and Halonix.

To date, Infra.Market has raised approximately $500 million through both equity and debt. According to TheKredible, a startup intelligence data platform, Tiger Global is the largest external stakeholder with a 21.33% share, followed by Accel and Nexus Ventures holding 16.87% and 8.46%, respectively, before the current funding round.

Infra.Market is among the few unicorns in India that achieved a more than nine-fold increase in gross scale from FY21 to FY23 while maintaining profitability. The company’s gross revenue surged to Rs 11,846 crore in FY23 from Rs 1,240 crore in FY21. However, its profit for the fiscal year ending March 2023 decreased by 17% to Rs 155 crore from Rs 187 crore in FY22.

InCred Capital Appoints Vikram Agarwal as Chief Operating Officer

InCred Capital has announced the appointment of Vikram Agarwal as its new Chief Operating Officer (COO). Bringing over 25 years of experience across wealth management, broking, asset management, consulting, and technology, Agarwal is poised to enhance operational excellence and drive innovation at InCred Capital. This division of the InCred group specializes in wealth management, asset management, investment banking, and equities.

In his new role, Agarwal will oversee key functions such as technology, operations, client servicing, compliance, and risk management. Previously, he served as COO and Chief Risk Officer (CRO) at Julius Baer India and was also a board member. At Julius Baer, he was instrumental in the acquisition of the wealth management business from Bank of America Merrill Lynch in India. Agarwal’s career also includes leadership roles at Bank of America Merrill Lynch, Accenture, and various technology consulting firms. He holds an MBA from the Indian Institute of Management (IIM), Bangalore.

“We welcome Vikram Agarwal to the InCred family. His extensive experience and proven track record in managing complex operations and driving innovation make him ideal to steer InCred Capital to new heights of success. Vikram’s strategic vision and operational expertise will be instrumental as we continue to grow and scale our businesses,” said Bhupinder Singh, Founder & Group CEO, InCred.

Vikram Agarwal, COO, InCred Capital, stated “I am excited to join InCred Capital at a pivotal time in the organisation’s growth trajectory. InCred’s commitment to innovation and excellence aligns perfectly with my professional ethos. I look forward to working with the talented team at InCred to build on the company’s impressive momentum.”

PESB recommends Ajay Kumar Sharma as Director (Personnel) of SJVN

The Public Enterprises Selection Board (PESB) has recommended Ajay Kumar Sharma for the post of Director (Personnel) of SJVN, a leading Public Sector Undertaking under Ministry of Power. He was selected following a rigorous interview process held on May 24, 2024, where he emerged as the top candidate among eleven contenders. Sharma is currently serving as General Manager in Corporate Human Resources department, SJVN.

Ajay Kumar Sharma joined SJVN in October 2009 and has since been serving in the HR department at Corporate Headquarters in Shimla. His contribution spans various fields of HR including Personnel Planning, Administration, Industrial Relations & Welfare, HR Policy, Training & Human Resource Development and HR Procurement. In addition to this, he has assisted Director (Personnel) and Chairperson & Managing Director of SJVN. Prior to joining SJVN, he served in Steel Authority of India Limited from 1996 to 2009.

Ajay holds a Bachelor’s degree in Mechanical Engineering from Government College of Technology, Coimbatore, MBA in Human Resources from IGNOU and has done the Executive Development Program in HRM from XLRI Jamshedpur.

Internshala and AICTE Renew Partnership to Boost Student Internships and Skills

Internshala has renewed its partnership with the All India Council for Technical Education (AICTE) to boost internship opportunities and skill development for students across India. The renewed Memorandum of Understanding (MoU) between Internshala and AICTE is designed to facilitate student placements in internships that align with their academic and career aspirations.

Leveraging Internshala’s extensive network of industry connections and expertise in internship management, AICTE aims to enhance practical learning experiences for students, equipping them with vital skills needed in today’s competitive job market and supporting their professional growth.

Prof. T. G. Sitharam, Chairman, AICTE said, “Our collaboration with Internshala is a significant step toward bridging the gap between academic learning and real-world experience, ensuring that Indian youth gain practical skills crucial for their professional development. By combining our expertise and broad reach, we aim to enhance employability for millions of students nationwide, preparing a workforce ready to meet the evolving demands of the industry.”

Sarvesh Agrawal, CEO and Founder of Internshala expressed his enthusiasm: “We are thrilled to renew our partnership with AICTE to empower students with valuable internships and skill-building opportunities. This collaboration aligns perfectly with our mission to bridge the industry-academia gap and prepare over 45 million college students in India for their careers by providing practical learning experiences.”

As part of this collaboration, students will have access to a diverse array of online training programs, workshops, and internships spanning various fields such as technology, management, and finance. These initiatives are intended to meet the evolving demands of the job market and provide students with relevant skills. Internshala will actively promote student engagement with these opportunities, helping to bridge the gap between academia and industry and improve students’ professional competencies.

Dr. Buddha Chandrasekhar, CCO of AICTE, added, “The AICTE internship portal has over 4.8 million internships posted, with a target of 10 million by 2025. We are pleased to collaborate with Internshala, which publishes more than 10,000 internships daily, connecting our students with various industries to gain real-time experience.”

Amazon India launches the 4th edition of Machine Learning (ML) Summer School

Amazon India has unveiled the registration dates for the fourth edition of its Machine Learning (ML) Summer School. The program, designed to equip students with essential ML skills under the guidance of Amazon scientists, aims to prepare them for careers in the field. Running from May 31 to June 21, 2024, the registration period offers engineering students an opportunity to enroll in the free educational course, conducted over four weekends in July. Covering eight modules, including Supervised Learning and Reinforcement Learning, the curriculum emphasizes both theoretical understanding and practical applications.

Open to engineering students pursuing Bachelor’s, Master’s, or PhD degrees in India, the ML Summer School targets those expected to graduate in 2025 or 2026. Eligible candidates will undergo an assessment, with the top 3000 performers gaining admission to the program.

Rajeev Rastogi, Vice President, International Machine Learning, Amazon, says, “Machine learning has become pivotal in solving customer problems driving a surge in demand for ML. However, the demand for ML workforce is surpassing the available talent pool. With Amazon ML Summer School, our aim is to bridge this gap by making students industry-ready for science careers, focusing on cultivating ML expertise and applied science skills. Besides delivering top-tier training across a wide range of machine learning topics, this year, we’re also emphasizing an application-driven approach crucial to equipping talent with hands-on experience to tackle real-world challenges.’’

Diverging from conventional approaches, Amazon’s ML Summer School offers a unique learning experience integrating theory with practical applications. Aligned with industry trends and university curricula, it attracts students with diverse ML backgrounds. By the program’s conclusion, participants are expected to attain proficiency in key ML technologies.

Speaking on the experience, Prabash Male, a participant from the MLSS 2022 batch and currently working as an Applied Scientist at Amazon, said, “Amazon ML – Summer School had a significant impact on my career path in machine learning research. Sessions that were conducted as part of the summer school gave me unique insights into how most of the algorithms and concepts that I learned in college were being applied to solve large-scale problems across Amazon. This program helped me secure an internship with the Automatic Speech Recognition team in the Artificial General Intelligence (AGI) org. I gained hands-on experience training large-scale speech models, which directly contributed to other ongoing projects within Amazon. Overall, the summer school program provided me with an exceptional learning experience.”

Since its inception in 2021, the Amazon ML Summer School has witnessed remarkable growth. From over 3900 applicants in its inaugural edition, the program expanded in 2023 to include engineering students from any recognized institute in India, drawing over 61,000 applicants, including 20,000 women.

Dr. Samir V Kamat’s Tenure Extended as Secretary of Defence R&D and Chairman of DRDO

The Appointment Committee of Cabinet has greenlit the extension of Dr. Samir V Kamat’s tenure as Secretary of the Department of Defence R&D and Chairman of DRDO until May 31, 2025, surpassing his retirement age of May 31, 2024. Initially appointed on August 25, 2022.

Dr. Kamat, an alumnus of IIT Kharagpur and The Ohio State University, USA, has been with DRDO since 1989. Before assuming his current roles, he held the position of Director General for Naval Systems and Materials.

Dr. Kamat boasts prestigious accolades, including being a Fellow of the Indian National Academy of Engineering (INAE) and the Institution of Engineers India (IEI). He has been honored with the Distinguished Alumni Award from IIT Kharagpur, the Metallurgist of the Year Award from the Ministry of Steel, and the Scientist of the Year Award from DRDO. With over 180 papers published in international peer-reviewed journals, his contributions to the field are significant.

RBI Penalizes Yes Bank and ICICI Bank for Compliance Lapses

The Reserve Bank of India (RBI) announced penalties against private sector banks Yes Bank and ICICI Bank for failing to adhere to regulatory guidelines. The penalty on Yes Bank amounts to Rs 91 lakh, while ICICI Bank faces a fine of Rs 1 crore.

 

Yes Bank

Yes Bank was penalized for charging customers for not maintaining minimum balances in certain savings accounts that had insufficient or zero balances, which contravenes RBI guidelines. Additionally, the bank operated internal accounts under customers’ names for unauthorized purposes, including parking funds and routing transactions.

ICICI Bank

ICICI Bank’s penalty stems from granting term loans to entities as substitutes for budgetary resources for specific projects. The bank failed to conduct due diligence to verify the viability and revenue streams of these projects to ensure they could service the debt. RBI inspections revealed that the loans were serviced using budgetary resources instead of project revenues. Furthermore, ICICI Bank did not ensure that the loans were for specific, monitorable projects.

Lapses Discovered in FY22

The penalties were based on findings from the RBI’s statutory inspection for supervisory evaluation of the banks’ financial positions for the fiscal year 2022. Following the inspection, the RBI issued notices to both banks, requesting explanations as to why penalties should not be imposed. After reviewing their responses, the RBI concluded that the banks’ lapses warranted the penalties.

Payal Kapadia Makes History with Grand Prix Win at Cannes 2024

In a historic moment for Indian cinema, Payal Kapadia has become the first Indian filmmaker to win the prestigious Grand Prix award at the Cannes Film Festival for her film “All We Imagine as Light.” This accolade, the festival’s second-highest honor after the Palme d’Or, was awarded during the closing ceremony on May 25, where American director Sean Baker took the Palme d’Or for “Anora.”

Kapadia’s film, which was screened on May 23, marks a significant milestone as the first Indian film in 30 years to compete in the main competition and the first ever by an Indian female director. The last Indian film to achieve this distinction was Shaji N Karun’s “Swaham” in 1994.

Also read: St. Anthony group of Schools awarded “Most Impactful Institute in Digital Infrastructure 2024” at LEO1 Education Excellence Awards 2024

Receiving the Grand Prix from American actor Viola Davis, Kapadia expressed her gratitude to the Cannes Film Festival and to the film’s leading actresses—Kani Kusruti, Divya Prabha, and Chhaya Kadam. “I’m very nervous, so I wrote something down. Thank you to the Cannes Film Festival for having our film here. Please don’t wait 30 years to have another Indian film. This film is about friendship, about three very different women. Oftentimes, women are pitted against each other. This is the way our society is designed and it is really unfortunate. But for me, friendship is a very important relationship because it can lead to greater solidarity, inclusivity, and empathy,” she said.

“All We Imagine as Light,” a Malayalam-Hindi feature, tells the story of Prabha, a nurse whose life is upended by an unexpected gift from her estranged husband. Her younger roommate, Anu, struggles to find privacy in the bustling city. Together, the two nurses embark on a road trip to a beach town where a mystical forest becomes a place for their dreams to take shape. The film’s screening was met with an eight-minute standing ovation and rave reviews from international critics, making it a strong contender for the top prize.

This film marks Kapadia’s feature directorial debut. An alumna of the Film & Television Institute of India (FTII), her previous work includes the acclaimed documentary “A Night of Knowing Nothing,” which won the Oeil d’or (Golden Eye) award at Director’s Fortnight in 2021, and her short film “Afternoon Clouds,” which competed in the Cinefondation section.

India had a triumphant run at the 2024 Cannes Film Festival, winning major awards in each of the three competitive sections. On May 23, FTII student Chidananda S. Naik’s film “Sunflowers Were the First Ones to Know…” won the La Cinef first prize. On May 24, Anasuya Sengupta made history as the first Indian to win the Best Actress prize for her role in Bulgarian director Konstantin Bojanov’s “The Shameless,” featured in the Un Certain Regard section.

The festival’s closing ceremony, hosted by French actor Camille Cottin, also saw Jacques Audiard win the Jury Prize for his musical crime comedy “Emilia Perez,” which garnered the best actress honor for its ensemble cast of Adriana Paz, Zoe Saldaña, Karla Sofía Gascon, and Selena Gomez.

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