Bajaj Finserv, led by chairman Sanjiv Bajaj, is set to launch a significant fund dedicated to supporting AI startups, aiming to deploy Rs 400-450 crore in the upcoming fiscal year. Managed by Bajaj Alts, this fund is poised to become one of India’s largest AI-focused investment vehicles, complementing Bajaj Finserv’s direct investments in early-stage startups.
On a different tech front, the government is intensifying efforts to address UPI transaction failures. The push involves urging banks and NPCI to minimize failures and enhance success rates, crucial for ensuring seamless digital payments. Technical glitches, user errors, and outages have been identified as key factors contributing to transaction failures, with specific institutions like Airtel Payments Bank and Baroda UP Bank experiencing notable challenges.
Further tech initiatives include Bajaj Finserv’s implementation of AI-powered solutions such as a WhatsApp helpline for link verification, real-time sharing of fraudulent website details via an API, cyber-safety training for law enforcement, and a nationwide fraud-prevention campaign. These endeavors underscore the growing reliance on AI and tech-driven solutions to tackle emerging challenges in the financial sector.
Source: Tech-Economic Times