Page 43 - Banking Finance December 2021

ARTICLE

processes faster, money transfers safer and back-end severe. In the case of AI, the neural network of the brain
operations more efficient.AI has impacted every banking is look alike, has the ability to learn from previous cases.
"office" - front, middle and back. That means even if you After some studies or research on artificial neural
know nothing about the way your financial institution uses, networks, researchers says that it is scientifically proven
say, complex machine learning to fend off money launderers that these networks can diagnose fast & accurate some
or sift through mountains of data for fraud-related other diseases includes eye problems, malignant
anomalies, you've probably at least interacted with its melanoma etc.
customer service chatbot, which runs on AI.
X Reduce Human errors: Profession of doctor is very
sensitive, they have to take care of each & every
Application of AI in military Operations: patient. In a day they can see a lot of patients which
The advent of AI could fundamentally change the character can be very exhausting because it requires attention
of warfare, resulting in a transformation from todays and knowledge of the patient. Sometimes due to lack
"informatized" ways of warfare to future "intelligentized" of activeness, human error may threaten the patient
warfare, in which AI will be critical to military power. AI can safety. To overcome this AI as a super human spell
enhance future capabilities in following areas:- checker will assist doctors by eliminating human error
a) Intelligent and autonomous unmanned systems. & relieve them of monotonous & time-consuming tasks.
b) AI-enabled data analysis, information processing and X Cost Reduction: With the emerging technologies
intelligence analysis. including artificial intelligence, the patient can get
doctor assistance without visiting hospitals/clinics which
c) War-gaming, simulation, and training.
results in cost cutting. AI assistants provide online care
d) Defence, offence and command information warfare. & assist patients to add their data more frequently via
e) Intelligent support to command decision making. online medical records etc.

X Virtual Presence: This technology also known as
Benefits of Artificial Intelligence in Telemedicine which allows specialists to assist their
Medical field: patients who live at remote locations. Using a remote
presence robot, doctors can engage with their staff &
You know technology really day by day reaches the zenith
patients in hospitals/clinics & assist or clear their
and brought new things in front of us for convenience.
queries.
Today's artificial intelligence technology allow non-living
things like robots & computers to think for themselves to Finally, it is evident that AI is here to stay, and is impacting
an extent. Take a look at artificial intelligence benefits in a large number of industries, Banking is an early adopter of
the healthcare industry. this trend. This trend is likely to grow exponentially in the
X Fast & Accurate diagnostics: Some diseases require future. Companies that embrace this trend are likely to be
immediate action otherwise they will become more winners over the next decade. T
PMC Bank 'will not give Rs. 5 lakh cover'

Customers of stressed Punjab & Maharashtra Co-Operative Bank (PMC Bank) will not get up to Rs 5 lakh insurance
cover in the first lot as the multi-state co-operative bank is under the resolution process. Deposit Insurance and
Credit Guarantee Corporation (DICGC) in the first lot will pay customers of 20 stressed banks except PMC Bank. For
the first lot, the mandatory 90 days period concludes on November 30.
It is to be noted that RBI had in June given in-principle approval to a consortium of Centrum Financial Services and
fintech startup BharatPe to acquire the stressed PMC Bank. Clearing decks for the takeover, the RBI earlier this
month gave licence for small finance bank to the consortium. Recently, the DICGC said there may be a need to
invoke the provisions of Section 18 A (7) (a) of the Deposit Insurance and Credit Guarantee Corporation (Amend-
ment) Act, 2021, As per the Section 18 A (7) (a) of the Act, if a stressed bank is under the resolution process, the
period for disbursement of Rs 5 lakh can be further extended by 90 days.

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