IDRBT building next generation Digital Financial Infrastructure
May 15, 2021
A banking innovation centre will also be set up for new technology applications The Institute for Development and Research in Banking Technology (IDRBT), an arm of Reserve Bank of India (RBI), is building next generation Digital Financial Infrastructure.
“We are working on building this high speed network to be owned by the Government of India with which the government can monitor and control all financial activity and security becomes easy,” D. Janakiram, Director, IDRBT told Business Line.
The National Digital Financial Infrastructure (NADI) would provide a roadmap and framework for future digital financial services growth in the country.
Team of researchers working on voice-based solutions in regional languages Researchers at the Indian Institute of Technology (IIT-Madras) are working on voice-based solutions in regional languages to boost digital money transactions.
The researchers are collaborating with the Mobile Payment Forum of India (MPFI) to develop such solutions in several regional languages.
The forum aims to identify innovation in human behaviour and adoption; technology with regard to design and safeguard; and policy that would provide a data-centric view.
Gaurav Raina, faculty in the Department of Electrical Engineering, said digital and mobile payments were efficient and mitigate the risk against COVID-19 infection. The researchers will offer their expertise in machine learning and artificial intelligence as applied to digital payment space by making back-end technology more robust and secure and creating a useful digital data history and footprint.
May 11, 2021
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The initiative is aimed at bringing 500 million active users on to the UPI payment platforms by 2025. Indian Institute of Technology Madras researchers will collaborate with members of the Mobile Payment Forum of India (MPFI) to develop voice-based solutions, especially in multiple vernacular languages, for digital money transactions. This will provide a platform not only for the increased adoption of digital payments in India but for research opportunities as well, says a release from IIT Madras.
At present, there are more than 100 million active UPI users every month in India, as per the Government of India’s statistics. These initiatives are being taken up by MPFI towards bringing 500 million active users on to the UPI payment platforms by 2025.
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