Emergence of E-Finance – Opportunities
and Challenges in India
Dr. Mahammad Rafee 1 & Dr.Gurusamy 2
Dr. Gunaseelan3
1 Associate Professor, PG Department of
Management Brindavan College, Bangalore-63
2 HOD, PG Department of Management, Brindavan College,
Bangalore-63
Abstract: This paper aims at collecting and
analyzing quality data and information regarding prospective evolution of
E-finance services post demonetization in India. E-finance-including investing, banking, mortgage lending, and
insurance-will grow at a hyper rate in the coming days. The current
trend of E- finance services in the country have grown at a alarming rate post
demonetization and the introduction of Telecommunication (4G) revolution in
2016 which attributed a rapid growth of E -finance .It reflects the spectacular
growth of internet to the nook and corner of Indian society which had empowered both consumers and businesses,
enabling them to reduce transaction costs, speedily process documents online,
and have instantaneous access to information. For businesses, online finance
can dramatically improve efficiency and decrease the costs of internal business
functions such as expense reporting, labor management, time-and-billing
procedures. Provides personalized information about consumers, the Internet
lets companies engage in digital marketing and promotion of the products
allowing them to the online experience to fit unique individual needs of
consumers using AI (artificial Intelligence). The study describes the emergence
of e-finance in India and its classification and examination of current status
of e-finance services.
Key words: Artificial Intelligence-banking, E-insurance,
Electronic finance, E-payment, E-credit ICT,IoT, ML
I. Introduction
Electronic finance means a provision of financial
services and markets using electronic communication, electronic tools and
technology with the help of internet and intranet. On the other hand it is
about financial innovations using Internet and Information Technology, which
provides benefits to customers, financial institutions and government.
UNCTAD
defines
e-finance as “that of financial services delivered through Internet or online.
E-finance includes online brokerage, banking, insurance and other financial
services. Internet technologies have now penetrated all aspects of financial
services industry, both retail and wholesale, back-office and front office,
information and transaction”.
Two
billion individuals and 200 million businesses in the emerging economies today are
not having access to savings and credit. Rapidly spreading digital technologies
now offer an opportunity to provide financial services at much lower cost, and
therefore profitably, boosting financial inclusion and enabling large
productivity gains across the economy. While the benefits of E- finance. Financial
services delivered via mobile phones, the internet or cards.
E-finance
has the potential to provide access to financial services for 1.6 billion
people in emerging economies, more than half of them are women. It could
increase the volume of loans extended to individuals and businesses by $2.1
trillion and allow governments to save $110 billion per year by reducing
leakage in spending and tax revenue. Financial-services providers would benefit
too, saving $400 billion annually in direct costs while sustainably increasing
their balance sheets by (&etal, FRACKLIN ALLEN, 2002) as much as $4.2
trillion.
Use
of digital finance could accelerate annual GDP of all emerging economies by
$3.7 trillion by 2025, a 6 percent increase against a business-as-usual
scenario. Nearly two-thirds of the increase would come from raised productivity
of financial and non-financial businesses and governments as a result of
digital payments. One-third would be from the additional investment
Financial
inclusion of people in micro, small, and medium-sized businesses would bring
remainder come from time savings by individuals enabling more hours of work.
This additional GDP could lead to the creation of up to 95 million jobs across
all sectors. The potential economic impact varies significantly depending on a
country’s starting position. The field research in seven countries that is over
geographies and income levels: Brazil, China, Ethiopia, India, Mexico, Nigeria,
and Pakistan. Lower-income countries such as Ethiopia, India, and Nigeria have
the largest potential, with the opportunity to add 10 to 12 percent to their
GDP, given low levels of financial inclusion and digital payments today. In
comparison, middle-income countries such as China and Brazil could add 4 to 5
percent to GDP.ƒƒ
The
rapid spread of mobile phones is the catalyst that makes this opportunity
possible. In 2014, nearly 80 percent of adults in emerging economies had a
mobile phone, while only 55 percent had financial accounts and mobile phone
penetration is growing quickly. Mobile payments can lower the cost of providing
financial services by 80 to 90 percent, enabling providers to serve lower income
customers profitably.
ƒƒ
Businesses and governments need to make a concerted effort to secure these
potential benefits. Three building blocks are required: widespread mobile and
digital infrastructure, a dynamic business environment for financial services,
and digital finance products that meet the needs of individuals and small
businesses in ways that are superior to the informal financial tools they use
today. Broadening access to finance through digital means can unlock
productivity and investment, reduce poverty, empower women, and help build
stronger institutions with less corruption.
The
models of e-finance are classified as following: B2B- the services includes Online financial
services like, corporate finance, investing, IPOs. International finance issues
like, foreign exchange, derivatives etc. B2C-the services includes online
trading, online banking, e- bill payment, E-Credit and e-loans, E-Insurance and
guarantees etc. C2C- includes e-money transfers using UPI, e-wallets, online
payments using m-banking and e-commerce platforms like Amazon pay etc. it is
being governed by country’s rules and regulations, contract enforcement by
global regulatory framework supported by internet and IT services.
Thanks
to the government initiatives towards the financial inclusion by way of schemes
like PMJDY,JAM(Jandhan- Aadhar-Mobile) which provides financial security to
common man .It facilitates easy payments for availing goods and services by way of
paying bills and transferring funds through e-wallets(UPI,M-banking) instead of
carrying bulk cash avoiding various threats and enhancing personal safety.
On
the other hand India benefited with its demographic dividend i.e more than 55%
of the population is under the age of 25-40 years. The consumers are tech savvy attributed by
smart phones addiction and ready to experiment unconventional digital financial
services that provides speed and convenience. The
increasing affordability of mobile phones and decreasing cost of data has
resulted in a highly digital populace. The emergence of smartphones is
enhancing mobiles from a simple communication device to a full-fledged payment
device.
The
rapid growth in e-commerce has seen lakhs of proprietors and wholesalers become
online sellers. It is estimated that every month roughly 15000-35000 retailers
are inducted as online sellers on e-commerce platforms like Amazon,flipkart,
payment apps like Paytm and Phone pay .This offline-to-online migration is
enabling FinTech companies to tap into the digital trails of these merchants,
Bharat pay is the other Fin Tech company offering easy e-loans to merchants for
investments which helps them to expansion of their businesses . On the other
hand influence of social media (Facebook,Whatsapp,Instagram etc), customer
ratings/reviews, purchase history and other factors attributes individual to make credit
decisions. Using Machine learning algorithem the e-commerce giants in the
country started to assess the consumer demand and spending pattern and mapping
to enhance their sales maximization and market share strategy.
Advancement
in Information and Communication Technology (ICT) have enabled Higher computing
capability and storage capacity have given rise to ‘big data’ analytics giving
boost to Analytics study and creating demand for data analyst professionals. The SMAC (social media, mobile, analytics and
cloud) and API(Application Programme Interface) technologies have allowed
different data streams to ‘talk’ to each other in a highly efficient manner
like Amazon Alexa, Apple-siri, Microsoft- Cortana,Google-API etc. This has led
to the amalgamation of multiple services into a common platform, thus creating
different use cases for delivery of financial services. The research paper has
been classified in to five parts, first part gives the introduction to the
research problem. Second part gives a brief note on literature review and third
part defines methodology of the study and fourth part gives a glimpse on
Evolution of FinTech and its implications. The Fifth part offers policy
suggestions.
II.
Literature Review:
Kogilah
Narayanasamy et.al (2011) examined
the adoption and concerns of e-finance in Malaysia. The study aimed at examining how
the risk and challenges affect the e-finance industry and find solutions to
overcome the challenges and how the adoption of global technology to local
requirements reduce the risk and challenge to e-finance industry. The study
concludes that electronic communication and computation is now used much more
widely than before. A large number of people have access to the internet and
this has vastly changed the opportunities for the use of electronic payments
systems, the operations of financial services firms and financial markets. The
study indicates that there are four basic misconceptions which were frequently
present in the business strategies employed in the earlier stages of the
development of e-finance. While the Internet can reduce financial transaction
costs, these gains have often been exaggerated or misinterpreted. It is cheap
and quick to create a basic website, designing and implementing a fully
functional, industrial-strength application capable of securely accommodating a
large number of complex transactions and huge variations in volume is a complex
and protracted undertaking. Rather than eliminating possibilities for
intermediation, the abundance of information, opportunities and relationships
created by the Internet increases the need for new intermediation structures
and mechanisms.
Shubhara Jindal(2015) analysed e-banking scenario in
India highlighted the various e-banking services/functions
adopted by Indian banks and analysed progress made by Indian banking industry
in adoption of technology along with challenges. The study concludes that
E-banking is need of the hour. Though there are lots of hurdles in the way of
smooth implementation of E-banking in India but at the same time E-banking has
bright future in India. It is golden path for banking sector in India to
maximize its profits and also the customer base. Banks are making sincere
efforts to popularize the e-banking services and products. Younger generation
is beginning to see the convenience and benefits of ebanking. In years to come,
e-banking will not only be acceptable mode of banking but will be preferred
mode of banking.
Suresh Aaluri et.al (2016) examined the Financial Inclusion Initiatives and
Progress with reference to Indian Banking Industry. The study attempted to
adopted exploratory
research, based on the secondary data sources. It highlighted the initiatives
taken by banks, other regulatory bodies and government for promoting financial
inclusion. The study concludes that goal of financial inclusion and a less-cash
economy, has kept up with developing technology in the financial sector, in
order to ensure that consumers can glean the benefits of these advancements,
and the goals it set out can be achieved. Mobile banking is one of the largest
opportunities for financial inclusion in countries, and the RBI, through its
policy efforts, is trying to ensure that it reaches maximum penetration in the
country. E-commerce is growing in the country, leading to a new financial space
being created and Technological advancements will continue to change all
industries, including the financial services industry.
Dr.Seema Joshi (2016)
highlighted Financial Sector
Development and Economic Growth in India: Some Reflections, the study is based
on secondary data and it concludes that, the widening and deepening of
financial system of India has allowed greater and more productive investment to
occur. Financial intermediation increased over time which in turn is leading to
a virtuous cycle of higher savings, improved investment efficiency and higher
real economic growth. Indian Financial sector has undergone far reaching
changes over the past three and half decades as a result of financial sector
reforms. NPAs impact
profitability of banks on the one hand and reduce /block the flow of funds in
the system. The decline of liquidity in the system further discourages
availability of funds for infrastructure projects which generate employment and
contribute to overall growth of the nation. increase in stressed assets send a negative signal to foreign direct investment(FDI)
which is an important source of external finance for bridging up saving investment
gap , export-import gap and foreign exchange (forex) gap which we are currently
noticing in the economy. NPAs, if not reduced can lower down the growth rate
and lead to high Inflationary pressures by making cost of funds dearer.
Therefore, the major challenge for the Indian authorities lies in bringing down
the NPAs and intermediation cost of the banking system, while at the same time
maintaining its profitability. In addition, deregulation, financial integration
and advancement in information technology have exposed the financial system to
new challenges which needs attention.
Suman(2019) studied E-
Finance: Status, Innovations and Future Challenges in India. The study
described the various kinds of e-finance services its implementation and
challenges in detail. The study is based on exploratory research based on
secondary data and it concludes that the e-finance raises
more as compared to e-commerce in India and plays a significant role in the
economic growth of a country by providing better e-finance services. Although
there are lots of challenges and risk faced by e-finance but still it helps a
lot in achieving the objectives of growth. It also improves the position of
financial inclusion in India.
On
the basis of the literature review the opportunities and challenges in
E-finance are discussed
III.Methodology
The study adopted exploratory research on secondary
data which is collected from various National & international Journals,
published government reports, publications from various websites which focused
on various aspects of E-Finance its challenges and opportunities.
Kinds of E- finance:
E-Banking: E-Banking is also called internet banking or
online banking which enables customers to perform different basic financial
transactions such as enquiring bank accounts; make bill payments; transfer
funds etc.
E-Trade
Finance: Usually trade finance used to involve huge paper work
and sanctioning of finance was to be slow. But the invention of Internet has
made possible to streamline all e finance processes through electronic
documents and services provided in e-trade finance are: LC (Letter of Credit)
applications, Foreign Exchange and so on.
E-Credit
and e-loans: In the era of globalization the trade and
commerce in the country is based on finance. In India the SME sector said to be
the largest employment providing sector and loans are offered to SME is now
also happening using E payment services. Usually the SME’s send the loan
proposal along with the required documents using email once the verification is
done the loan disbursed online.
E-Insurance
and guarantees:, E-insurance and guarantee services
provides SMEs to apply for insurance and guarantee online. As for insurance,
banks normally partnership with large insurance companies like LIC ,GIC and
other private players in insurance sector to jointly provide such a service. So
information gathered from the bank system will feed the bank’s financial
partners.
E-Payment:
The
other kind of e-finance service is the payment system using ICT by way of
electronic payment in the physical world and the virtual (internet) world. e- Payments
are delivered through various channels such as debit cards, credit cards,
pre-paid cards, Internet banking and mobile banking E-wallets on the other hand
e-commerce firms too are promoting E-payments in their platforms linking to
consumer bank accounts with wonderful cash back offers.
E-Rating:
E-rating
plays significant role for both: banks and SMEs as it provide the credit and Payment
track records of the parties involved in the transactions to FIs as well as
help in managing their risk. The E-rating for SME’s are based on their
performance i.e. on the basis of their balance sheets.
Figure
1: Types of E finance Services
Source: Suman-ijrar (2019)
IV. Emergence of FinTech and its implications:
The
growth of fintech or the designing and provisioning of financial services by
using new technological innovations is one of the most significant developments
in the financial sector in the past decade. Fintech has the potential to play a
big role in increasing access to finance, and in promoting the growth of SMEs
in the country. However, the broader fintech landscape all over the world
comprises of a variety of day-to-day financial services enhanced by technology.
Mobile payments, cryptocurrency, investment advisory, insurance aggregators,
peer-to-peer lending and some more services which traditionally required human
capital, now form the fintech landscape. fintech comprises of technology-based
businesses that compete against, enable and/or collaborate with financial institutions.
In
2016 and 2017 there were around 103 private equity or venture capital
investments in the fintech sector in India amounting to USD 2.39 billion. The
biggest investment in 2017 was USD 1.4 billion in Paytm by the Japanese
conglomerate SoftBank. Others who received funding include
insurance-marketplace PolicyBazaar (USD 77 million), SME lending platform
Capital Float (USD 45 million) and payments firms Mswipe Technologies (USD 31
million) and Razorpay (USD 20 million). However,
in comparison to Global fintech investments of a record USD 57.9 billion in
about 875 VC(Venture Capital) or PE(Private Equity) or M&A(Merger
&Amalgamation) deals in first half year of calendar year 2018, fintech
investments in India of 54 deals worth USD 640 million (1.2% of world levels)
appear to be relatively small.
The
rapid growth of fintech are new technologies that have revolutionised ways in
which financial products and services are created, provided and managed. Some
of these technological developments enable creation of entirely new products.
Some of the key developments in technology in fintech are: Cryptography refers to the writing
of codes that allow information to be kept secret. Encryption is the process by which information is made
unreadable for unauthorized users using algorithmic tools. Developments in
encryption and cryptography have enabled a wide variety of financial services
to disrupt existing service delivery methods in recent years. Encryption has
become a best practice in securing private data for financial service
providers. These two developments allow for increased security in the
provisioning of financial services and enable developments of new services.
Digital
currencies and tokens: Globalised FinTech Insturments
Global
interest in cryptocurrency had took momentum in 2017 as the price of Bitcoin
soared to new heights. Cryptocurrencies are decentralized peer-to-peer payment
networks. Cryptocurrencies depend on cryptography to facilitate and record
transactions on a set of electronic ledgers. In 2014 there were 500
cryptocurrencies in existence, as of September 25, 2018, coinmarketcap.com
identified 1993 cryptocurrencies
|
Cryptocurrency
|
Market capitalization
(in USD Billion)
|
USD price
|
|
Bitcoin
|
112.205
|
6490.78
|
|
Ethereum
|
22.61
|
221.35
|
|
Ripple
|
18.48
|
0.46
|
|
Bitcoin Cash
|
7.84
|
451.59
|
|
EOS
|
4.88
|
5.39
|
Source: Report of Steering committee on Fintech
E- Finance& Smart Phones:
The evolution of smartphones has acted as a big catalyst for the fintech
industry. Smartphones are now equipped with technologies that enable
tokenisation of card details, a measure that can go a long way towards reducing
fraud; biometric enabled multi-factor authentication, which can enable ease of
access and Near-Field Communication capable readers at merchant stores, which
makes cash less payments. The combination of a growing smartphone market and
increasing penetration has given consumers a superior end-to-end experience,
leading to more people using apps like Paytm, Phonepay and Google Pay to make
payments on a day-to-day basis.
Global
banks are tapping technology that uses the geo-location capabilities of mobile
phones to determine whether payment cards are being used fraudulently.
Geo-location helps validate that the card and the mobile phone are in the same
location, fraud alerts can be triggered by activities if it is abnormal
spendings. The technology is integrated into bank’s mobile apps, providing the
location of a card transaction to be matched to the location of the user’s
mobile phone.
E -finance & AI: Artificial
intelligence is the ability of computer systems to process information and
outcomes similar to the human thought process i.e. learning, decision-making,
and coming up with solutions for specific challenges that become occuring in
fintech as like using its NINA chatbot (Nina is an
automated chat agent for Chegg.com, an online company that helps college
students save money by renting textbooks), equipped with NLP (Neuro-Linguistic
Programming), to handle the approximately 2 million transactional calls
received by its call centres each year. Similarly, Sun Life through its virtual
assistant Ela aids customers in handling their insurance plans. Bank of
America, through its chatbot Erica, is providing financial guidance services to
clients with the help of text and voice messages. AI adoption in Indian banking
system is still in its nascent stages, and a lot more needs to be done to
realise its full potential. Applications of AI include chatbots for personalizing services for individual customers, robotic process automation (RPA) that
allow data to be handled automatically between multiple applications as like
receiving email containing an invoice, extracting the data, and then
transferring that into a bookkeeping system. This will have tremendous speed
and cost implications.
E- finance & IoT: Internet of Things (IoT) has made possible use of sensors connected to the internet to
collect personalised data for a variety of uses. For example, insurance
companies can affix GPS tagged speed sensors in insured cars to track driving behavior.
Such applications have resulted in explosion of data availability demanding for
a higher order of computation and storage capacities.
Big data analytics involves
processing and analyzing large amounts of complex data. The aim of analysis is
to find out hidden patterns, correlation between data and other useful
insights. Emergence of Big Data and analytics, financial
firms have now realized that analysis of data generated during the course of
their operations can add significant value.
E- finance
&Data Analytics: Data analytics is especially critical for fintech companies. Since fintech
companies operate almost exclusively on the internet, they generate large
volumes of financial information and user data and increasingly analyzing this
data to get insights into their operations. Analysis is used to enable
development of new products, increase efficiency and access to consumers.
Predictive data analytics by application of AI and ML to IoT or consumer behavior
data is being used to predict consumer behavior.
Big Data combined with analytics have helped with recalculating
risk portfolios, analyzing customer habits, identifying fraudulent behavior,
determining causes of failures in businesses or processes, its defects and
issues, and spotting business trends. Big Data is helping fintech companies in
detecting patterns which help in providing in-depth knowledge about customer behavior,
so that consumers are offered relevant products and services, and fintech
companies spend fewer resources in finding interested consumers.
E-finance: Megatrends in
Financial Services –Report from ASSOCHAM
The new technologies adopted by financial institutions are making
them increasingly vulnerable to various risks such as phishing, identity theft,
card skimming, vishing, SMSishing, viruses and Trojans, spyware and adware,
social engineering, website cloning and cyber stalking.
The
younger generation in India today has financial and social independence. They
are not only driven by high aspirations but are also tech savvy, well informed
and connected through social media. Hence, financial institutions are eager to
tap into this new market by offering services and products that are made to
match their requirements.
Evolving risks in the financial sector
The risks in the FinTech sector have always been there, they keep
changing with the constantly evolving technology standards and regulatory
framework.
• Cybercrime: A majority of
the banks in India offer online and mobile banking services. Most of the
transactions
are conducted via payment cards, debit and credit cards, and
electronic channels such as ATMs, E-wallets etc.,
Private and public banks as well as other financial institutions
in India are becoming increasingly vulnerable
to sophisticated cyber attacks.
•
Identity theft: With the proliferation of mobile devices
and online platforms, the nature of identity theft has changed in today’s
world.
•
Money laundering: India has witnessed numerous terror
attacks and remains a potential target for such strikes. Stringent regulatory
requirement and media scrutiny have made it mandatory for financial
institutions to perform strict compliance checks to prevent the use of money
laundering to fund terrorist activities.
Black
money: According to the Global Financial Integrity
Report, the total amount of illicit money moving out of India rose to 439.59
billion USD (28 lakh crore INR) from 2003 to 2012. In 2012, India ranked third
globally, with an estimated 94.76 billion USD (nearly 6 lakh crore INR) in
illicit wealth outflows. With the passing of the new Black Money (Undisclosed
Foreign Income and Assets) and Imposition of Tax Act, 2015, financial
institutions are under growing pressure to eliminate menace. So, the Government
of India had brought demonetization to weed out black money in 2016.
•
Loan loss: The risk of loan loss is high in India.
Due to lack of appropriate due diligence and monitoring of loans, the number of
loan defaults has increased in recent years. The non-performing assets are
growing in last few years
while
the GDP has been declining.
Transformation through
Technology the advent of new financial services
The
Digital India programme is a transformed version of the already running
National e-Governance Plan linking E-finance has brought opportunities and
challenges also. The internet is fast becoming the favored mode for performing
financial transactions as like checking one’s bank balance, requesting for bank
statements and chequebooks, upgrading debit cards and even purchasing virtual
goods. Financial institutions are increasingly using social media to engage their
customers and enhance their service offerings.
One of the largest private sector banks in India recently launched a
multi-social payment app that allows customers to transfer money through social
media channels which also carry inherent risks of security breaches. Financial
transactions via social media channels and especially those on mobile banking
apps are prone to malware attacks.
Currently,
74% of the Indian population has access to mobile phones. Mobile payment
volumes have hence registered a steady rise. A recent study on e-commerce in
India by Accel Partners estimated that shopping through mobile phones grew by
800% in 2013. It is expected to show a compound annual growth rate of 150% by
2016.
Connectivity
is the backbone of digital banking. The high volume of ICT transactions through
banking correspondents has motivated the institutions to develop a solution
that combines a mobile phone and a card reader to function together as a micro
ATM. This solution transfers data using USSD technology that does not require a
smart phone or internet connection and is thus accessible by a larger
population. Such technological solutions also expose customers as well as
financial institutions to the risk of bank spoofing, hijacking of mobile phones
and SIM card cloning. As per the Minister of Communications and IT, Government
of India, cyber fraud cases worth 497 crore INR have been reported by the RBI
and CBI since 2011. Recent innovative
financial services such as mobile wallets have also been targeted by
fraudsters. Similarly, money management tools are becoming increasingly
susceptible to cyber threats and related frauds.
Future Predictions on FinTech:
It is clear that technology is affecting financial
services in a multitude of ways. In the following section, we discuss ten key themes
that we believe IT executives will need to address as they begin their
strategic planning for 2020 and beyond. These ten themes include:
• FinTech will drive the new business
model
• The sharing economy will be embedded in
every part of the financial system
• Blockchain will shake things up
• Digital becomes mainstream
• ‘Customer intelligence’ will be the
most important predictor of revenue growth and profitability
• Advances in robotics and AI will start
a wave of ‘re-shoring’ and localisation
• The public cloud will become the dominant
infrastructure model
• Cyber-security will be one of the top
risks facing financial institutions
• Asia will emerge as a key centre of technology-driven
innovation
• Regulators will turn to technology as well
each of these themes is likely to affect financial services companies and their
Leadership teams in far-reaching ways.
Priorities
for 2020
1. Update your IT operating model to get
ready for the new normal
2. Slash costs by simplifying legacy
systems, taking SaaS (Software as a Service) beyond the cloud, and adopting
robotics/AI
3. Build the technology capabilities to get
more intelligent about your customers’ needs
4. Prepare your architecture to connect to anything,
anywhere
5. You can’t pay enough attention to cyber-security
6. Make sure you have access to the talent and
skills necessary to execute and win
V.Conclusion:
E-
Finance is growing in India at substantial rate compared to E- commerce, even
though there is a risk associated with e-banking and e-finance services. It can
be prevented through advancement in ICT like Artificial Intelligence and
Machine learning and can achieve expected economic growth in the country with
financial inclusion. So,
financial institutions are enhancing their processes, controls and fraud risk
management frameworks to minimize the opportunities for fraud as well as reduce
the time taken in their detection. Funding for fraud control initiatives,
however, continues to compete with other business initiatives and is mostly
challenged on a cost–benefit basis. Regulators and investigative agencies are
trying to gear up for the changed environment. The RBI has released a new
framework to check loan frauds by way of early warning signals for banks and
red flagging of accounts where defaulters shall have no access to further
banking finance. It also plans to set up a Central Fraud Registry that can be
accessed by all Indian banks. In addition, the CBI and Central Economic Intelligence
Bureau (CEIB) will share their databases with banks.
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