Now Loading

Meta’s WhatsApp Introduces AI Tools Aimed at Businesses

At a conference held in Brazil, Meta unveiled its latest endeavor: an AI-powered ad targeting initiative tailored for businesses on WhatsApp. This move signifies a departure for WhatsApp, known for its emphasis on privacy and aversion to targeted advertising, in contrast to Meta’s other platforms like Facebook and Instagram.

The newly introduced AI tools represent a significant evolution from WhatsApp’s previous blunt messaging methods. Leveraging user behavior data from Facebook and Instagram, these tools aim to precisely target messages to individuals who are most likely to engage with them, provided they use the same opted-in phone number across platforms.

Guilherme Horn, WhatsApp’s head of strategic markets, emphasized the potential of these AI tools for businesses, allowing them to optimize ad delivery and enhance engagement with users. Meta’s intensified focus on monetizing WhatsApp, its largest platform in terms of daily users, comes after years of minimal revenue contribution despite its hefty acquisition price of $22 billion in 2014.

The chatbot feature accompanying these AI tools will assist users with common inquiries, mirroring existing AI-driven customer service platforms. Additionally, Meta announced the integration of Brazil’s popular digital payment method PIX into WhatsApp’s payment tool, despite initial perceptions of competition between the two services.

PIX, developed by the central bank, accounted for approximately 39% of Brazil’s transactions last year, offering similar services to WhatsApp payments such as peer-to-peer transfers and business transactions.

Clodura.AI Secures $2 Million in Funding Round Led by Bharat Innovation Fund

Clodura.AI has secured $2 million (approximately Rs 16.6 crore) in a funding round led by Bharat Innovation Fund.

The pre-series A round also included participation from Malpani Ventures. The company plans to utilize the funds to enhance its AI capabilities and expand its user base.

Founder and CEO Kapil Khangaonkar stated that the investment will enable the company to “push the boundaries of what AI can do in sales prospecting.” The funds will be directed towards product development, AI integration, and market expansion, according to the company’s statement.

Bank of India Partners with Defence Accounts for Pensioner Services via SPARSH

The Bank of India has entered into a Memorandum of Understanding (MOU) with the Principal Controller of Defence Accounts (Pensions) to enhance services for pensioners through its extensive branch network, acting as SPARSH Service Centres.

The MOU signing took place at the Controller General of Defence Accounts Headquarters in New Delhi. Representing the Principal Controller of Defence Accounts (Pensions) was Shri Sham Singh, while Shri Ajay Kumar Panth, Deputy General Manager of the Government Business Department, represented the Bank of India, in the presence of CGDA Smt Devika Raghuvanshi.

Under this agreement, 433 selected branches of the Bank of India will initially serve as Service Centres to provide vital support to pensioners, particularly those in remote areas lacking access to SPARSH or technological resources. These branches will facilitate pensioners in updating profiles, filing grievances, completing digital annual identification, verifying pension data, and accessing information about their monthly stipends. Eventually, these services will be extended to all 5100+ branches of the bank.

This initiative underscores the Bank of India’s commitment to leveraging innovative technology to improve services for Defence Pensioners and ensure timely assistance.

RBI Establishes Committee to Combat Online Payment Fraud; Abhaya Hota to Lead

The Reserve Bank of India (RBI) has initiated the formation of a committee aimed at addressing the growing concern of online payment frauds. This move comes as part of the regulator’s proactive measures to safeguard digital transactions.

Headed by Abhaya Hota, a pivotal figure in India’s digital economy transformation, the committee will bring together industry experts to devise strategies to mitigate fraud risks in the digital payments landscape. Key representatives from prominent financial institutions and payment service providers will contribute to this initiative.

The committee’s mandate includes defining operational guidelines for data sharing among reporting entities such as banks and fintech firms. Additionally, it will establish protocols for identifying and reporting fraudulent transactions to the Central Payments Fraud Information Repository (CPFIR).

Moreover, the committee will explore the financial feasibility of the proposed platform and recommend measures to ensure its sustainability. Safeguarding customer data throughout the process will be a top priority, with the committee tasked to devise protective measures.

The establishment of this committee coincides with a surge in reported fraud cases, as highlighted in the RBI’s FY24 annual report. The regulator has observed a significant increase in fraud incidents compared to previous years, necessitating enhanced measures to counteract digital banking fraud.

In parallel efforts, the RBI is exploring advanced authentication mechanisms, including behavioral biometrics and location-based verification, to bolster security beyond conventional SMS-based OTPs. The report underscores that private sector banks have reported the highest number of fraud cases, while public sector banks have experienced the highest value of fraudulent transactions, primarily within the digital payments domain.

Kunal Dubey Appointed as CMO at Wakefit

Kunal Dubey has been named the Chief Marketing Officer at Wakefit, a company specializing in home solutions and sleep products.

Previously, Dubey held the position of Chief Marketing Officer at Cleartrip, an online travel agency owned by Flipkart, for nearly three years. He shared news of his new role on LinkedIn.

With over 18 years of experience in marketing and media planning, Dubey’s career began at Reliance Communications and includes significant roles at McDonald’s India, eBay India, Flipkart, Dentsu, and PhonePe.

Throughout his career, Dubey has achieved notable improvements in brand health metrics, market share, and the adoption of new business models.

Neerabh Kumar Prasad Appointed Chief Secretary of Andhra Pradesh

Senior IAS officer Neerabh Kumar Prasad has been appointed as the Chief Secretary of Andhra Pradesh, with the official orders being issued on Friday. Prasad, a distinguished officer from the 1987 IAS batch, is currently serving as the Special Chief Secretary for Environment, Forest, Science, and Technology.

The appointment comes as the incumbent Chief Secretary, KS Jawahar Reddy, who is currently on leave, has been transferred. Notably, Reddy has not been assigned a new position following the transfer. His tenure is approaching its conclusion, as he is due to retire by the end of this month.

Neerabh Kumar Prasad’s extensive experience and previous roles within the government are expected to contribute significantly to his new position. His leadership is anticipated to bring continued progress and stability to the administrative functions of Andhra Pradesh.

IAS Officers Dr Ravi Kota and Prashant Kumar Singh Empanelled for Secretary Level Positions in Government of India

In a recent move by the Appointments Committee of the Cabinet (ACC), IAS officers Dr Ravi Kota and Prashant Kumar Singh have been empanelled for Secretary/Secretary Equivalent level positions in the Government of India.

Dr Ravi Kota, a 1993 batch officer from the Assam cadre, currently holds the position of Chief Secretary of Assam. His extensive career includes roles as Additional Chief Secretary for the Home & Political Department, overseeing Passport and Prisons, and the Industries, Commerce & Public Enterprises Department. He has also served in the Finance Department.

Prashant Kumar Singh, also from the 1993 batch but hailing from the Manipur cadre, is presently the Chief Executive Officer (CEO) of the Government e-Marketplace (GeM) Special Purpose Vehicle (SPV) under the Ministry of Commerce and Industry. Singh’s previous assignments include roles as Principal Secretary and CEO of the Election Department in Manipur, along with managing departments such as Urban Development, Public Health Engineering, Personnel, and General Administration.

Academic Institutions Leading the Charge: Addressing Climate Crisis through Sustainable Development Initiatives

The National Capital Region has recorded unprecedented high temperatures. Although 2023 was deemed the hottest year by the UN World Meteorological Department, this year’s heatwave has shattered previous records by a significant margin. The climate crisis is an urgent issue that transcends borders and must be addressed with utmost seriousness.

To address this alarming cause, Academic institutions have the potential to generate significant positive change. Higher education institutions have played a crucial role by implementing and driving sustainable development initiatives and in achieving the 17 UN Sustainable Development Goals (SDGs), which can be a game-changer for the drastic climatic conditions. Recently, IIT Bombay has developed a sustainability policy aimed at monitoring the campus’s carbon footprint and taking effective steps to reduce emissions. The policy also outlines ways in which individual departments can contribute to this cause.

According to the QS International Student Survey 2023, 46% of prospective Indian students interested in studying at Indian universities are actively researching the environmental sustainability strategies of these institutions.

The Sustainable Development Goals Report 2023, published by the United Nations, highlights that “youth have emphasized the need for interdisciplinary, action-oriented education that is both globally relevant and tailored to local realities, along with adequate teacher support.”

Along the same lines, Radhika Shrivastava, Executive Director, Fortune Institute of International Business commented that, “FIIB’s commitment to sustainability is demonstrated through our comprehensive policy established back in 2012. Our initiatives focus on education, campus sustainability, and community engagement, aligning with UNSDG’s goals #4 (Quality Education), #5 (Gender Equality), #8 (Decent Work & Economic Growth), and #9 (Industry, Innovation and Infrastructure). In academics, 85% of our courses integrate ESG concepts, fostering ethical decision-making and responsible management. Campus efforts include composting, recycling paper and e-waste, and organizing donation drives to reduce our carbon footprint. Through our Social Internship Program, we’ve partnered with 25 social organizations, completing 836 impactful projects. Our community outreach extends to supporting local economies and skill development in villages, highlighting our dedication to fostering sustainable development and social responsibility.”

In 2020, India enacted the National Education Policy (NEP), which addresses the critical need for environmental education in schools. Through this policy, the government has successfully incorporated initiatives to ensure that students receive a comprehensive education that increases environmental awareness and encourages practical action. By shifting from content-based learning to skill-based learning, the policy recognizes the transformative power of an experiential approach in all subject areas, including environmental education. It actively encourages educators to integrate hands-on pedagogy that enables students to engage with real-world.

NIPL and Peru’s Central Reserve Bank Partner to Launch Real-Time Payments System

NPCI International Payments Limited (NIPL) and the Central Reserve Bank of Peru (BCRP) have announced a partnership to implement a real-time payments system in Peru, similar to India’s Unified Payments Interface (UPI). This collaboration positions Peru as the first South American nation to adopt UPI technology, highlighting India’s leadership in digital payments.

The strategic partnership aims to create a reliable and efficient platform for instant payments between individuals and businesses in Peru, reducing dependence on cash and extending digital payment access to the country’s large unbanked population. UPI’s collaborative and open banking framework will enhance connectivity and interoperability with both domestic and international payment networks, fostering innovation and resilience in Peru’s payment ecosystem.

Ritesh Shukla, CEO of NPCI International, stated, “Our collaboration with the BCRP seeks to bolster Peru’s financial infrastructure and drive economic growth. We aim to promote digital payments, financial inclusion, cost efficiency, and transparency, while ensuring the system’s scalability and adaptability to future technological advancements. This partnership underscores our commitment to advancing digital public goods globally. Once operational, Peruvian citizens will benefit from unparalleled convenience, security, and efficiency in financial transactions.”

Julio Velarde, Governor of the BCRP, expressed enthusiasm about the agreement, noting, “This partnership with NPCI International represents a crucial step in modernizing our payments system and expanding access to digital payments in Peru. The support of the Reserve Bank of India has been instrumental. Our goal is to enhance financial inclusion, security, and efficiency, introducing new use cases in digital payments. This new infrastructure will foster innovation and allow new participants in Peru’s payment ecosystem, offering accessible payment services to everyone, especially the unbanked.”

 

Rajeshwar Tripathi Appointed as Group CHRO at RJ Corp

RJ Corp has announced the appointment of Rajeshwar Tripathi as its new Group Chief Human Resources Officer (CHRO).

“Happy to share, I joined RJ Corp as the Group CHRO,” Tripathi revealed in a LinkedIn post.

Tripathi brings a wealth of experience from his previous roles at Mahindra & Mahindra and VE Commercial Vehicles (a joint venture between Volvo Group and Eicher Motors). He holds a Master’s degree in Personnel Management and Industrial Relations (PM&IR) from the Xavier Institute of Social Service.

RJ Corp, headquartered in Gurugram, Delhi, is the parent company of Varun Beverages, Devyani International, and Devyani Food Industries.

Upcoming Conferences