Need another aggregator to protect financial cos from frauds - Banking secy
This story was originally published at 14:11 IST on 24 January 2025
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NEW DELHI – India needs another aggregator such as the National Payments Corp. of India, which will protect financial institutions from frauds, Department of Financial Services Secretary M. Nagaraju said on Friday.
"The NPCI provides a broad monitoring solution to allow banks to enable them to generate alerts and decline transactions for fraud mitigation by using artificial intelligence and machine learning-based models," Nagaraju said at the Indian Banks' Association's 20th annual banking technology conference in Mumbai.
The government has also taken steps to enhance existing processes and to offer best-in-class customer services in India, Nagaraju said, adding that financial institutions must remain vigilant, upskill their teams, and take the time to maintain customer trust and institutional stability.
Nagaraju also called on the pension industry to expand its services as 90% of assets are concentrated among only three pension fund managers – SBI Pension Funds, LIC Pension Fund, and UTI Pension Fund. "The pension industry needs more aspiration from other fund managers to expand the array in the country," the secretary said. End
Reported by Kshipra Petkar
Written by Shubham Rana
Edited by Avishek Dutta
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