Technology combined with behavioural analysis can prevent financial fraud: Das

 Syllabus: GS-III, Subject: Economy , Topic: Banking and Financial Intermediaries, Issue: Integrated Ombudsman Scheme

Context: Address by Shaktikanta Das, RBI Governor at the Annual Conference of RBI Ombudsman.

Important Insights:

  • Emphasized the need for proper data protection measures.
  • Deployment of AI in fraud prevention and for personalized customer service.
  • Under the Integrated Ombudsman Scheme, RBI Ombudsman plays a crucial role in impartially resolving customer grievances.
Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2021:Objective: Provide cost-free resolution for complaints involving ‘deficiency in service’ by RBI-regulated entities if not resolved satisfactorily within 30 days.

Features:

●        Centralized complaint registration through one portal, email, and address.

●        Elimination of jurisdictional divisions among ombudsman offices.

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