Finance Ministry on Friday requested banks and monetary establishments to make use of synthetic intelligence (AI) instruments together with MuleHunterAI developed by the Reserve Financial institution of India (RBI) to rein in rising monetary frauds.
In a gathering chaired by Monetary Companies Secretary M Nagaraju, banks have been requested to undertake greatest practices, leveraging innovative instruments, and foster inter-bank collaboration to handle mule accounts successfully.
He emphasised that proactive measures are required to be taken to guard residents’ hard-earned cash.
“Defending residents’ wealth is our shared duty,” the Division of Monetary Companies (DFS) stated in a collection of posts on X.
Banks are directed to undertake superior applied sciences, together with AI and machine studying (ML) options for real-time detection of mule accounts, it stated.
“Banks have been additionally inspired to discover and implement an AI/ML-driven mannequin developed by RBI, to strengthen the detection and monitoring of mule accounts,” he instructed representatives of I4C, RBI, NABARD and banks.
Earlier on Friday, the RBI requested banks to collaborate with its initiative, MuleHunter.AI, to weed out mule accounts that are used to commit monetary fraud.
