India Seizes Control Of Yes Bank, Plans Bailout

  • “In today’s top payments news, the Indian government has taken control of Yes Bank as it creates a bailout plan for the bank
  • The RBI has capped the withdrawal limit at Rs 50,000 ($676) for 30 days, sending people into a panic and emptying Yes Bank’s ATMs of cash.
  • Yes Bank was founded in 2004 by billionaire Rana Kapoor who was recently asked to step down as the CEO”*YW1wLTVIUmIxbEhIM0lwelROMm5QaWVCOWgtNEY5TWR0M1F6dFdhWWxZaWtlYTgxbEc5c2VZZWxRNTBQNU5wWTJlbHU.

Taking China’s eCommerce Lessons On The Road

    • “But as they expand farther into regions like the Middle East, and nations like Mexico and Brazil, the challenges become less transparent…That includes securing tax services, managing suppliers, navigating FX exchanges to minimize charges and working through VAT systems with different rules governing them.
    • According to Oxford University data, as of 2017, the largest overall supplier of online labor is India, with 24 percent of that global digital workforce.”

    Opportunities And Limitations Of AI In Indian Banking

    • “According to the research report, the global spending in AI applications reached $5.1 billion in 2015.
    • The total potential cost savings from these applications are expected to touch $447 billion by 2023.
    • Various industry reports found that 36% of large financial institutions are already using such technologies and about 70% are planning AI-enabled digital transformation in the coming years.”

    How Mumbai-based Taglr is using AI to understand ecommerce behaviour and aggregate a marketplace for users

    • “Taglr is a single interface gateway, which claims to help shoppers discover products from over 182 ecommerce websites.
    • In 2017, there were less than 100 million online shoppers in India, and that number is expected to grow to 220 million by 2025.
    • Anirudha says, ‘What differentiates us is the quality of the experience, the focus on relevant products and localisation by using an artificial intelligence (AI) engine to understand India’s shopping trends.'”

    Anirudha Khopade

    CEO, Taglr

    What is the state of AI in India?

    • “A day may come in the future when words spoken in one vernacular language would automatically be translated into another to ease out communication between people belonging to two distinct geographies.
    • We will set up 25 hubs focusing on diverse areas. Each hub will have multiple academic institutions and industry.
    • Even with government funding and industry participation, India is just at the starting point of a promising long road to harness AI for societal benefits.”