- The Reserve Bank of India(RBI) has decided to encourage the use of data analytics to timely detect frauds and take recovery actions such as blocking irregular transactions before payment authorisation.
- This move is a part of RBI’s vision 2019-21 for payments and settlements in electronic space.
- The RBI has also proposed to make India a cashless economy by 2021 through safe, secure, accessible and affordable e-payment systems.It said entry of more players and increased innovation may help in achieving a cash free economy.
- RBI will also promote the adoption of digital payments through feature phones and offline payment mechanism.
- Data analytics is a process of inspecting, cleansing, transforming, and modeling data with the goal of discovering useful information, informing conclusions, and supporting decision-making.
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