'Allow Urban Co-op Banks to issue share certificates'

MUMBAI: To strengthen Urban Co-operative Banks (UCBs), a discussion paper by the Reserve Bank has proposed to allow them, especially larger ones, to issue 'Special Share Certificates' (SSCs) that can be counted as core capital but won't have voting rights.
They can be traded on the bank's website or, eventually, stock exchanges to attract more investors. The paper suggests permitting UCBs to offer loans to Perpetual Non-cumulative Preference Shares (PNCPS) investors, up to certain limits, to make these investment options more appealing.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Time of India

an hour ago

• Time of India

Sebi mulls guiding principle for responsible usage of AI, ML in securities markets

Sebi on Friday proposed guiding principles for responsible usage of Artificial Intelligence (AI) and Machine Learning (ML) applications in securities markets to safeguard investors and market integrity. Also, the regulator has proposed that a "regulatory lite" framework may be adopted for usage of AI/ML in the securities market for any purpose other than for business operations that may directly impact their customers. The proposed "guiding principles are intended to optimise benefits and minimise potential risks associated with integration of AI/ML-based applications in securities markets to safeguard investor protection , market integrity, and financial stability," Sebi said in its consultation paper. At present, AI/ML is being used by market participants mainly for advisory and support services, risk management, client identification and monitoring, surveillance, pattern recognition, internal compliance purposes and cyber security. "While AI/ML has the potential to improve productivity, efficiency and outcome, it is also important to manage these systems responsibly as their usage creates or amplifies certain risks which could have an impact on the efficiency of financial markets and may result in adverse impact to investors," Sebi said. Accordingly, Sebi proposed high-level principles to provide guidance to the market participants for having reasonable procedures and control systems in place for supervision and governance of usage of AI/ML applications or tools. The proposed guiding principles were suggested by a Sebi-constituted working group after studying the existing AI/ML guidelines in India as well as globally. As a part of the proposal, the working group suggested that market participants using AI/ML models should have an internal team with adequate skills and experience to monitor the performance, efficacy and security of the algorithms deployed throughout their lifecycle, as well as maintain auditability and explain interpretability of such models. Furthermore, the team should establish procedures for exception and error handling related to AI/ML-based systems. It should also establish fallback plans in the event an AI-based application fails due to technical issues or an unexpected disruption to ensure that the relevant function is carried out through an alternative process. It has been proposed that market participants using AI/ML models for business operations -- such as selection of trading algorithms, asset management or portfolio management and advisory and support services -- that may directly impact their customers should disclose the same to the respective customers to foster transparency and accountability. The market participants should adequately test and monitor the AI/ML-based models to validate their results on a continuous basis. Further, it has been proposed that the testing should be conducted in an environment that is segregated from the live environment prior to deployment to ensure that AI/ML models behave as expected in stressed and unstressed market conditions. Also, market participants should maintain proper documentation of all the models and store input and output data for at least 5 years. "Since the AI/ML systems are dependent on collection and processing of data, market participants should have a clear policy for data security, cyber security and data privacy for the usage of AI/ML based models," Sebi said, adding that information about technical glitches, data breaches shall be communicated to it and other relevant authorities. The Securities and Exchange Board of India (Sebi) has sought public comments till July 11 on the proposals.

Time of India

2 hours ago

• Time of India

Infosys founder Narayana Murthy on why he sees no difference between management and technology graduates

Infosys co-founder NR Narayana Murthy has emphasized that management and technology graduates are equally valuable in an AI-driven world, arguing that both disciplines tackle problems at different but complementary levels rather than competing with each other. In his conversation with MoneyControl, the tech veteran dismissed any hierarchy between the two fields, stating that artificial intelligence creates opportunities for both streams of professionals. "I do not see any difference between a management graduate and a technology graduate because they attack the problem at different levels," Murthy explained. Different approaches, shared goals in problem-solving The 78-year-old industry pioneer outlined the distinct yet interconnected roles each group plays in organizational success. "One asks 'what,' while the other focuses on 'how.' Technical people look at 'how,' and the management graduates look at 'what,'" he clarified, highlighting how both perspectives are essential for comprehensive problem-solving. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Brass Idols - Handmade Brass Statues for Home & Gifting Luxeartisanship Buy Now Undo Murthy positioned AI as the great equalizer that enhances capabilities across disciplines rather than favoring one over another. "AI is primarily a technological marvel. It is all about improving productivity. It is all about solving problems that are beyond human effort," he noted, suggesting that both management and technical professionals can leverage AI to amplify their respective strengths. Optimistic outlook for India's brightest minds The Infosys founder expressed strong confidence in India's educational output, regardless of specialization. "So, both are needed. And given that these are some of the brightest people that we have in the country, I am very, very positive," Murthy stated, reflecting his belief that the country's talent pool spans across multiple disciplines. His comments come at a time when debates about the relative value of different educational backgrounds intensify amid rapid technological advancement, with Murthy's perspective offering a more inclusive view of professional competencies in the modern workplace. AI Masterclass for Students. Upskill Young Ones Today!– Join Now

The Hindu

3 hours ago

• The Hindu

Iran-Israel fighting distorted by tech-fuelled misinformation

AI deepfakes, video game footage passed off as real combat, and chatbot-generated falsehoods; such tech-enabled misinformation is distorting the Israel-Iran conflict, fuelling a war of narratives across social media. The information warfare unfolding alongside ground combat, sparked by Israel's strikes on Iran's nuclear facilities and military leadership, underscores a digital crisis in the age of rapidly advancing AI tools that have blurred the lines between truth and fabrication. The surge in wartime misinformation has exposed an urgent need for stronger detection tools, experts say, as major tech platforms have largely weakened safeguards by scaling back content moderation and reducing reliance on human fact-checkers. After Iran struck Israel with barrages of missiles last week, AI-generated videos falsely claimed to show damage inflicted on Tel Aviv and Ben Gurion Airport. The videos were widely shared across Facebook, Instagram and X. Using a reverse image search, AFP's fact-checkers found that the clips were originally posted by a TikTok account that produces AI-generated content. There has been a "surge in generative AI misinformation, specifically related to the Iran-Israel conflict," Ken Jon Miyachi, founder of the Austin-based firm BitMindAI, told AFP. "These tools are being leveraged to manipulate public perception, often amplifying divisive or misleading narratives with unprecedented scale and sophistication." GetReal Security, a U.S. company focused on detecting manipulated media including AI deepfakes, also identified a wave of fabricated videos related to the Israel-Iran conflict. The company linked the visually compelling videos, depicting apocalyptic scenes of war-damaged Israeli aircraft and buildings as well as Iranian missiles mounted on a trailer, to Google's Veo 3 AI generator, known for hyper-realistic visuals. The Veo watermark is visible at the bottom of an online video posted by the news outlet Tehran Times, which claims to show "the moment an Iranian missile" struck Tel Aviv. "It is no surprise that as generative-AI tools continue to improve in photo-realism, they are being misused to spread misinformation and sow confusion," said Hany Farid, the co-founder of GetReal Security and a professor at the University of California, Berkeley. Farid offered one tip to spot such deepfakes: the Veo 3 videos were normally eight seconds in length or a combination of clips of a similar duration. "This eight-second limit obviously doesn't prove a video is fake, but should be a good reason to give you pause and fact-check before you re-share," he said. The falsehoods are not confined to social media. Disinformation watchdog NewsGuard has identified 51 websites that have advanced more than a dozen false claims ranging from AI-generated photos purporting to show mass destruction in Tel Aviv to fabricated reports of Iran capturing Israeli pilots. Sources spreading these false narratives include Iranian military-linked Telegram channels and state media sources affiliated with the Islamic Republic of Iran Broadcasting (IRIB), sanctioned by the US Treasury Department, NewsGuard said. "We're seeing a flood of false claims and ordinary Iranians appear to be the core targeted audience," McKenzie Sadeghi, a researcher with NewsGuard, told AFP. Sadeghi described Iranian citizens as "trapped in a sealed information environment," where state media outlets dominate in a chaotic attempt to "control the narrative." Iran itself claimed to be a victim of tech manipulation, with local media reporting that Israel briefly hacked a state television broadcast, airing footage of women's protests and urging people to take to the streets. Adding to the information chaos were online clips lifted from war-themed video games. AFP's fact-checkers identified one such clip posted on X, which falsely claimed to show an Israeli jet being shot down by Iran. The footage bore striking similarities to the military simulation game Arma 3. Israel's military has rejected Iranian media reports claiming its fighter jets were downed over Iran as "fake news." Chatbots such as xAI's Grok, which online users are increasingly turning to for instant fact-checking, falsely identified some of the manipulated visuals as real, researchers said. "This highlights a broader crisis in today's online information landscape: the erosion of trust in digital content," BitMindAI's Miyachi said. "There is an urgent need for better detection tools, media literacy, and platform accountability to safeguard the integrity of public discourse."