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ICICI Bank is betting big on Artificial Intelligence and Machine Learning


6 hours ago
ICICI Bank is adopting Aritificial Intelligence (AI) and Machine Learning (ML) in a big way. Over the last year, these technologies have reduced internal costs for the bank and helped significantly drive its deposit and lending growth, the banks management said during an earnings call with analysts. The bank reported a net profit of Rs 4,402 crore in the fourth quarter of FY21, around 260.5% higher compared to the same period in the previous year, according to its financial results.
The costs and benefits of AI and ML
Several of the leading banks are turning to technology, to target customers with the right product and through data-based underwriting, they can bring their loan delivery time to just a few minutes. ICICI Bank sees AI and ML as an opportunity to acquire good customers at a faster speed, while also helping it keep tabs on how their clients’ spending and credit behaviour on a near real-time basis. ....

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India's e-payments space: A dawn or down of retail in India?


India s e-payments space: A dawn or down of retail in India?
With the government unwilling to foot the bill on digital transactions and no viable business model for banks, there are no incentives for banks to maintain the UPI infrastructure
The payments space in India is tangled in various knots and there are many teething issues that will arise in the future
Technology companies like Google, Facebook, and Amazon are now in a new competition amongst themselves. There is a race to digitise small businesses in India by opening digital storefronts.
More than 90% of Indian retail is unorganised and large organised retailers have not been able to crack mom-and-pop stores in India called Kiranas. They also hold an undisputed sway - 98% of the grocery retail market. Therein lies the unique opportunity to make them a part of the formal organised ecosystem.   ....

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Markets likely to witness lacklustre trade; eyes RBI's monetary policy


Markets likely to witness lacklustre trade; eyes RBI’s monetary policy
April 07, 2021
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Stocks to watch out for today: Barbeque-Nation, RIL, Cholamandalam Investment, Axis Bank, M&M and Concord Drugs
Markets are likely to witness another lacklustre trading on Wednesday, even as the Reserve Bank will unveil its monetary policy in the afternoon. However, global stocks continue to unsupportive of bulls, with the US and some Asian markets being listless.
SGX Nifty at 14,760 (8 am IST) indicates a flat opening, as Nifty futures on Tuesday closed at 14,750. While Dow Jones, Nasdaq and S&P 500 closed marginally lower overnight, Asian markets such as Japan s Nikkei, China s Shanghai, Australia s ASX and Korea s Kospi were little changed in the morning. ....

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Cholamandalam Investment part of Vishwakarma consortium for NUE licence


The financial services arm of the Muragappa group, Cholamandalam Investment and Finance Company, on Tuesday said it is part of the Vishwakarma Payments consortium which has submitted an application for the New Umbrella Entity license.
The others in the consortium are Financial Software and Systems (FSS), a leading provider of payment products and processors, Zoho, Zerodha, Razorpay, Ujjivan Small Finance Bank, and Airpay.
At least six consortiums are in the fray to bag the coveted license to set up a for-profit National Payments Corporation of India (NPCI)-like body for retail payments.
The deadline to file an application ended on March 31, 2021. So far, it is not known how many lic­ences are on offer. ....

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