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Showing posts from March, 2018

Artificial Intelligence and Indian Banking sector

What is Artificial Intelligence (AI) According to WIXEncyclopedia “ AI is a branch of computer science that develops machine systems capable of demonstrating behaviours linked to human intelligence. AI programs use data collected from different interactions to improve the way they mimic humans in order to perform tasks such as learning, planning, knowledge representation, perception and problem-solving ”   Thus, AI is the science of making a computer or a software think intelligently just like a human brain, towards learning how to solve a problem. In a way it helps personalise interaction between a human being and a machine. AI tools are based on three main cognitive skills of learning, replicating and reasoning. AI makes a machine, generally a computer, capable of thinking and responding like a human being. The tasks involving a set of algorithms become automatic through intelligent programming based on learning through experience. Artificial Intelligence (AI) has been stea...

Banking for Beginners: PNB Fraud - what happened and what went wrong

Banking for Beginners: PNB Fraud - what happened and what went wrong : It has been almost three weeks since Punjab National Bank (PNB) went public with the Nirav Modi / Geetanjali Gems (Mehul Choksi) issue. R...

PNB Fraud - what happened and what went wrong

It has been almost three weeks since Punjab National Bank (PNB) went public with the Nirav Modi / Geetanjali Gems (Mehul Choksi) issue. Reams have been written about various facets of the entire episode and may continue in days to come. There has been an intense debate in media and public domain, and the whole episode has been variously classified as fraud, open loot of public money, misdemeanor and Niravgate etc , but there are many core process issues which are still not clear.   For the uninitiated, let’s try to decipher what has happened and what is yet unanswered.   On February 14, 2018 PNB informed Bombay stock exchange that it had detected fraudulent transactions worth around Rs 11,380 crore (USD 1.77 billion) put through its Mid Corporate branch at Brady House, Mumbai. It further said that the Bank has already lodged a complaint with Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) implicating celebrity Jewelers and Diamantaires Nirav ...