EU watchdog takes deep dive into banks' use of tech
The Hindu
The watchdog said it was committed to "neutrality" towards technology used by banks, meaning any specific technology is neither preferred nor discriminated against when it comes to setting rules or supervising lenders.
Banks' increasing dependence on 'RegTech' technology to automate fraud checks and send data to regulators may need common rules to encourage wider use, the European Union's banking watchdog said on Tuesday. (Subscribe to our Today's Cache newsletter for a quick snapshot of top 5 tech stories. Click to subscribe for free.) Part of a wider trend of digitalising finance, RegTech is used by banks to comply with anti-money laundering checks on customers, monitor transactions for fraud, send data to regulators about levels of capital, and assess if customers can afford a loan.
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Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.