Description
Indian Books and Periodicals Financial Technology (Fintech) and Digital Banking In India by Singh and Jaspal
FinTech is an umbrella term coined in the recent past to denote technological innovations having a bearing on financial services. FinTech is a contraction of the words finance and technology. It refers to the technological start-ups that are emerging to challenge traditional banking and financial players and covers an array of services, from crowd funding platforms and mobile payment solutions to online portfolio management tools and international money transfers. Artificial intelligence (AI) refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions. Artificial intelligence (AI) has applications in the financial industry, where it is used to detect and flag activity in banking and finance such as unusual debit card usage and large account deposits. India has a rich diversity of digital payment options. Many of these are interoperable, and work through bank accounts, thus giving the users a lot more choice. However, the costs of digital payments are still an issue, and acceptance infrastructure is not widespread. This book explains and examines various aspects of financial technology (FinTech) and digital banking in simple and non-technical language. It contains 17 chapters which have been organized into 2 parts. Part I (chapters 1 to 3) is titled Financial Technology (FinTech) and Artificial Intelligence (AI). It provides conceptual clarity as regards FinTech and the major FinTech innovations and services. It also explains the basics of AI. Part II (chapters 4 to 17) is titled Digital Banking in India. It deals with various forms of payment systems, Reserve Bank of India (RBI) and other organizations linked to payment systems, paper-based traditional systems of payment, electronic payments (e-payments), card-based e-payment, non-card e-payment, internet banking, mobile banking, cyber space, cyber attacks and cyber security, and data protection strategies and technologies. CONTENTS Part I: Financial Technology (FinTech) and Artificial Intelligence (AI) 1. Financial Technology (FinTech): An Introduction 1.1 What is FinTech? 1.2 Evolution of FinTech 1.3 Scope of FinTech 1.4 Working Group on FinTech and Digital Banking 1.5 Regulation of FinTech 2. Major FinTech Innovations and Services 2.1 Payments, Clearing and Settlement Services 2.2 Deposits, Lending and Capital Raising Services 2.3 Market Provisioning Services 3. Artificial Intelligence (AI) 3.1 What is AI? 3.2 Applications of AI 3.3 Components of AI 3.4 Methods and Objectives of AI 3.5 Is Strong AI Possible? 3.6 Issues and Concerns Part II: Digital Banking in India 4. Digital Banking and India’s Digital Competitiveness 4.1 Significance of Digitization 4.2 Digitization in Banking Sector 4.3 What is Digital Payment? 4.4 Benefits of Digital Payments 4.5 Role of RBI in Promoting Digital Payments 4.6 Data on Payment Systems 4.7 Cashless Transactions: India versus Other Countries 4.8 World Digital Competitiveness Ranking, 2019 and India 4.9 Digital Payments Index of RBI 5. Importance and Forms of Payment Systems 5.1 Money and Payment Obligations 5.2 Importance of a Sound Payment System 5.3 Forms of Payments 5.4 Pre-Independence Payment Systems 5.5 India’s Present Payment System Architecture 6. Reserve Bank of India (RBI) and Payment Systems 6.1 Payment and Settlement Systems (PSS) Act, 2007 6.2 Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) 6.3 Vision Document for Payment Systems, 2005-08 6.4 Vision Document for Payment Systems, 2012-15 6.5 Payment and Settlement Systems in India: Vision 2018 6.6 Payment and Settlement Systems in India: Vision 2019-21 7. Organizations Linked to Payment Systems 7.1 Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) 7.2 Clearing Corporation of India Limited (CCIL) 7.3 National Securities Clearing Corporation Ltd. (NSCCL) 7.4 Government Securities Settlement System 7.5 National Payments Corporation of India (NPCI) 7.6 National Financial Switch (NFS) 7.7 National Automated Clearing House (NACH) 7.8 Committee to Review the Framework Related to Digital Payments 8. Paper-based Traditional Systems of Payment 8.1 Cheque 8.2 Other Paper-based Instruments of Payment 9. Electronic Payments (E-payments) and India’s Global Ranking 9.1 What are E-payments? 9.2 Advantages of Electronic Transactions 9.3 E-payment Ranking Survey 10. Card-based Electronic Payment Systems 10.1 Pre-paid Cards 10.2 Debit Cards 10.3 Credit Cards 10.4 How to Use Debit/Credit Cards? 10.5 Benefits of Debit/Credit Cards 10.6 Automated Teller Machines (ATMs) 10.7 Point-of-Sale (PoS) Terminals and Online Transactions 10.8 RuPay 10.9 Business Correspondents (BCs) 10.10 Village Level Entrepreneur (VLE) 10.11 Working Group on Regulatory Mechanism for Cards 11. Non-card Electronic Payment Systems 11.1 Real Time Gross Settlement (RTGS) 11.2 National Electronic Funds Transfer (NEFT) 11.3 Electronic Clearing Services (ECS) 11.4 Immediate Payment Services (IMPS) 11.5 Unified Payments Interface (UPI) 11.6 Unstructured Supplementary Service Data (USSD) 11.7 Aadhaar-enabled Payment System (AEPS) 11.8 Aadhaar Payment Bridge System (APBS) 11.9 Bharat Interface for Money (BHIM) 11.10 BHIM Aadhaar (Only for Merchants) 11.11 e-Rupi 11.12 Digital Wallet or Electronic Wallet (E-Wallet) 11.13 Electronic Toll Collections 12. Internet Banking 12.1 Internet Banking and Electronic Banking (E-banking) 12.2 Distinctive Features of Internet Banking 12.3 Levels of Banking Services Offered through Internet 12.4 Advantages of Internet Banking 12.5 Internet Banking in India 12.6 Internet Banking and the Reserve Bank of India 12.7 Security and Privacy Risks of Internet Banking 13. Mobile Banking 13.1 Mobile Banking and Financial Inclusion 13.2 Mobile Banking: Regulatory Framework 13.3 Various Channels for Mobile Banking 13.4 Challenges Faced by Banks in Providing Mobile Banking Services 13.5 Technical Committee on Mobile Banking 14. Cyber Space, Cyber Attacks and Need for Cyber Security 14.1 What is Cyber Space? 14.2 Forms of Cyber Attacks and Threats 14.3 Data Sought by Scamsters 14.4 Popular Data Collecting Channels Used by Hackers 14.5 Consequences of Cyber Attacks 14.6 Need for Cyber Security 15. Measures to Prevent Cyber Attacks and Threats 15.1 International Convention on Cyber Crimes 15.2 Efforts of Reserve Bank of India (RBI) 15.3 Fraud Management in Electronic Banking 15.4 System Architecture and Design 15.5 Authentication Techniques 15.6 Firewalls 15.7 Cryptography 15.8 Digital Signature and Certification 15.9 Tools 15.10 Digital Forensics 15.11 Cyber Security Audit 15.12 Artificial Intelligence (AI) 16. National Cyber Security Policy (NCSP) 16.1 Objectives of NCSP 16.2 Strategies of NCSP 17. Data Protection Strategies and Technologies 17.1 What is Data Protection? 17.2 Data Protection Strategies 17.3 Data Protection Technologies 17.4 Data Security and Data Privacy 17.5 Need for Data Protection Legislation 17.6 European Union Data Protection Directive 17.7 Data Protection Act, 1998 of United Kingdom 17.8 Data Protection Act, 2018 of United Kingdom 17.9 Customer Data Protection in India Bibliography Index ABOUT THE AUTHOR Shri Jaspal Singh (IPS) is currently Director General of Police, Goa. He joined the Indian Police Service in 1996 and has served in Delhi, Goa, Puducherry and Andaman and Nicobar (A&N) Islands in various capacities. He has handled field assignments for 12 years in different ranks. He is the recipient of the Police Medal for Meritorious Service, Police Medal for Hard Duty and Lt. Governor’s Commendation for exemplary work in A&N Islands during the massive earthquake and Tsunami. While still a student, he was nominated as a member of the University Senate by the Governor of Punjab for his excellence in academics. Shri Jaspal graduated with Honours in Economics from Guru Nanak Dev University (GNDU), Amritsar, Punjab and also completed his LL.M. from University of Delhi, Delhi. He also holds a Post-graduate degree in Management from GNDU, Amritsar, Punjab and a Masters degree in Computer Applications from Indira Gandhi National Open University (IGNOU), New Delhi. He was also a faculty member of the Department of Business Management, GNDU, Amritsar, Punjab. He also served as a senior executive with state-owned Hindustan Petroleum Corporation Limited. He has received training with the Police Department of Los Angeles (US) and also attended a course organized by the US Department of State on Advanced Explosive Incident Counter Measures. Shri Jaspal had already authored the book Digital Payments in India: Background, Trends and Opportunities (2019) and also compiled a book titled Aman Ka Gehwara.