India's Finance Minister urges banks to use Web3 technology to detect fraud and generate early warning signals

Chain Catcher News, Indian Finance Minister Nirmala Sitharaman at the 75th Annual Conference of the Indian Banks' Association in Mumbai emphasized the use of technologies such as Web3 and AI by banks to detect fraud and generate early warning signals. She also urged banks to enhance customer service.

Nirmala Sitharaman further called for banks to develop a plan for the next 25 years, adopting digitalization and modern technologies to make India a developed country by 2047. She stated, "You need to formulate strategies to meet the aspirations of India's youth over the next 25 years, and banks should have an innovative portfolio to attract young people and enable their access." (source link)