Indian banks should harness AI to improve internal controls and address customer complaints more effectively, according to central bank governor Sanjay Malhotra.
Malhotra highlighted concerns over rising complaints about mis-selling and aggressive banking practices, warning that the issue could escalate if left unchecked. In the 2023-2024 financial year, 95 commercial banks in India received over 10 million complaints from customers.
AI-powered solutions can help financial institutions analyse large data sets to detect issues such as ATM failures and erroneous charges before they become widespread.
Malhotra also pointed to the potential of AI-driven chatbots and voice recognition tools to assist customers in multiple languages, making banking services more accessible in India’s linguistically diverse market.
Alongside AI adoption, Malhotra urged banks to invest in human capital to enhance customer service and grievance redressal processes.
Strengthening both technology and human resources will be crucial in ensuring financial institutions can meet the needs of a rapidly growing customer base while maintaining trust and transparency.
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Google is set to collaborate with Taiwan’s MediaTek on the next generation of its Tensor Processing Unit (TPU) chips, which are expected to be produced next year.
The partnership is partly driven by cost considerations, as MediaTek offers Google a lower price per chip than its long-time partner Broadcom. MediaTek’s close ties with Taiwan Semiconductor Manufacturing Company (TSMC) also played a role in Google’s decision.
Despite the new partnership, Google has not severed ties with Broadcom, which has exclusively worked on its AI chips for several years.
Broadcom remains involved in the project, and an employee at the company confirmed that the relationship with Google is still intact. Google has been developing its own AI server chips, allowing it to reduce reliance on Nvidia, whose processors dominate the industry.
Google introduced its sixth-generation TPU last year to provide itself and its cloud customers with an alternative to Nvidia’s highly sought-after chips. The company reportedly spent between $6 billion and $9 billion on TPUs in 2023, based on revenue targets from Broadcom.
By bringing MediaTek into the fold, Google aims to strengthen its AI chip strategy while managing production costs more efficiently.
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Russia’s Central Bank has enlisted the Republic of Tatarstan to trial smart contract functions for the digital ruble, marking a significant step in the CBDC’s ongoing development.
The Tatarstan Ministry of Finance confirmed the establishment of a working group to oversee the tests. The initiative will focus on piloting conditional CBDC subsidies, transforming them into smart contracts monitored by the Central Bank’s test platform. Despite the indefinite delay of the nationwide rollout, this move suggests that the digital ruble project remains active.
Alongside these efforts, the Moscow Metro is expanding its own digital ruble trials. The city’s transport network is collaborating with the Central Bank and VTB to facilitate payments via the Troika card, using QR codes linked to digital ruble wallets. This development mirrors China’s digital yuan initiatives, highlighting Russia’s ambitions to integrate CBDCs into everyday transactions.
Although the national launch remains uncertain, these ongoing tests indicate that authorities are determined to refine the digital ruble’s functionality before wider implementation.
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A US judge has dismissed a lawsuit accusing Amazon of misleading shareholders about its treatment of third-party sellers and its expansion plans, which ultimately led to an antitrust case by the Federal Trade Commission (FTC).
The ruling by Judge John Chun in Seattle was made with prejudice, meaning the lawsuit cannot be refiled. Lawyers representing the shareholders did not immediately comment on the decision.
Investors had alleged that Amazon hid an algorithm that ensured its own products were priced lower than competitors’ and failed to disclose the risks of overexpanding its fulfilment network.
However, Judge Chun found no compelling evidence that Amazon executives, including former CEO Jeff Bezos and current CEO Andy Jassy, intentionally misled investors.
The court ruled that Amazon’s actions were more likely driven by profit-focused business strategies rather than fraud.
The FTC filed an antitrust case against Amazon in September 2023, accusing the company of using its market power to suppress competition and inflate prices.
Eighteen US states and Puerto Rico have joined the lawsuit, with a nonjury trial set for October 2026. The shareholder lawsuit covered Amazon stockholders from February 2019 to April 2022.
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Changpeng Zhao has urged AI projects to reconsider launching their own tokens, stating that AI agents can accept payments using existing cryptocurrencies instead.
In a recent post on X, the Binance founder argued that tokens should only be introduced when a project reaches significant scale and has clear utility.
The AI & Big Data token market has seen a 22% decline over the past 30 days, now valued at $27.44 billion, according to CoinMarketCap. Some of the biggest losses include Virtuals Protocol (VIRTUALS) dropping by 42%, Render (RENDER) by 30%, and Near Protocol (NEAR) by 26%.
Analysts suggest that these declines stem largely from macroeconomic pressures, such as Donald Trump’s tariffs and uncertainty over US regulatory policies. The impact has extended beyond crypto, with Nvidia’s stock falling 6% amid concerns over AI chip restrictions.
Beyond market conditions, some experts share Zhao’s view on the limited utility of AI tokens. Coinbase analyst David Han believes much of the recent AI token hype was driven by speculation rather than actual demand.
On-chain investigator ZachXBT also criticised the industry, claiming that 99% of AI crypto projects are scams and that many mislead investors by presenting their tokens as having real utility.
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Meta Platforms has announced new measures to combat misinformation and deepfakes in Australia ahead of the country’s upcoming national election.
The company’s independent fact-checking program, supported by Agence France-Presse and the Australian Associated Press, will detect and limit misleading content, while also removing any material that could incite violence or interfere with voting.
Deepfakes, AI-generated media designed to appear real, will also face stricter scrutiny. Meta stated that any content violating its policies would be removed or labelled as ‘altered’ to reduce its visibility.
Users sharing AI-generated content will be encouraged to disclose its origin, aiming to improve transparency.
Meta’s Australian policy follows similar strategies used in elections across India, the UK and the US.
The company is also navigating regulatory challenges in the country, including a proposed levy on big tech firms profiting from local news content and new requirements to enforce a ban on users under 16 by the end of the year.
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The United States Securities and Exchange Commission (SEC) is considering reversing a proposed rule that would impose stricter custody requirements on investment advisers handling cryptocurrencies.
Acting SEC Chair Mark Uyeda announced the potential change during a conference in San Diego, highlighting concerns over the broad scope of the crypto custody rule and compliance challenges.
Proposed in February 2023, the custody rule would require registered investment advisers to store crypto assets with qualified custodians while implementing additional safeguards. Significant objections from industry participants have led the SEC to reassess its approach.
Uyeda also revealed that the agency is reviewing a separate regulation mandating monthly portfolio holdings reports for unit trusts and exchange-traded funds, a policy that has raised concerns about its impact on AI-driven trading strategies.
These regulatory reviews mark a shift in SEC policy under the Trump administration, which has already rolled back several cryptocurrency-related initiatives introduced under former Chair Gary Gensler.
Recent changes include rescinding accounting guidance for cryptocurrency firms, dropping enforcement actions, and forming a cryptocurrency task force to reassess priorities.
With former SEC Commissioner Paul Atkins set to take over as chair, Uyeda’s push for regulatory revisions signals a more industry-friendly approach, particularly towards digital assets and financial institutions navigating changing compliance requirements.
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Samsung Electronics faces a challenging annual general meeting as shareholders express frustration over its failure to capitalise on the AI boom.
Despite being South Korea’s most valuable company, Samsung’s stock tumbled nearly a third last year, making it one of the worst-performing tech firms.
Executives, including Co-CEO Han Jong-hee, will address concerns over lagging innovation, competition in semiconductor technology, and strategies to counter US tariffs.
Internal discussions at Samsung have revealed concerns about losing its technological edge, particularly in high bandwidth memory (HBM) chips, where it trails rival SK Hynix.
Chairman Jay Y. Lee reportedly criticised the company for focusing on maintaining the status quo rather than driving major innovation.
A stagnation like this has contributed to Samsung losing market share to competitors like TSMC in chip manufacturing and Apple in smartphones.
Adding to its challenges, Samsung has warned of sluggish AI chip sales due to US export restrictions to China, its biggest market. This puts the company at greater risk from potential US tariffs on Chinese trade.
In an attempt to regain investor confidence, Samsung launched a $7.2 billion share buyback plan in November, which has helped its stock recover slightly. However, shareholders remain sceptical about its future growth strategy.
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Spanish police have successfully dismantled a Bitcoin-themed pyramid scam, uncovering a fraudulent network that swindled around $32.6 million from unsuspecting victims.
According to the National Police Corps (CNP), eight individuals were arrested, including the mastermind, a computer programmer detained in Malaga. The scam targeted over 3,600 people, mostly in Spain, but extended its reach to 36 countries.
The group operated a seemingly legitimate platform offering various Bitcoin investment plans. Promoted through websites and social media, victims were promised significant returns, with some reportedly offered dividends of 40% in just a month.
However, once funds were invested, obstacles were fabricated to delay or prevent withdrawals.
The police first uncovered the operation in 2022, following a report from a victim in Murcia. Their investigation revealed the scam’s pyramid structure, where older investors were paid with funds from newer ones.
Some victims were even tricked into handing over control of their devices for crypto transfers.
In total, the fraudsters amassed approximately 400 Bitcoin and created a worthless token for investors. Authorities have since frozen 73 bank accounts, seized cars, and impounded various assets as part of the investigation.
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Tencent has unveiled a suite of new AI tools aimed at converting text and images into 3D visuals, showcasing China’s growing presence in the generative AI field.
The company launched five open-source models based on its Hunyuan3D-2.0 technology, including turbo versions capable of producing high-quality 3D visuals in 30 seconds.
A release like this follows Tencent’s push to challenge US dominance in AI, with competitors like AI startup DeepSeek offering similar performance at lower costs.
The launch of Hunyuan3D-2.0 builds on the company’s earlier introduction of 3D AI models, targeting designers and game developers to establish a competitive edge in text-to-3D and image-to-3D generation.
Tencent’s new models are praised for superior text consistency, geometric accuracy, and visual quality compared to leading industry benchmarks.
Meanwhile, ByteDance, the parent company of TikTok, has also entered the text-to-3D market with its VeOmniverse model, though it remains proprietary.
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