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RBI shuts Tata Sons’ escape, ₹2.01 L cr listing looms
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Treat data as trust, not asset: RBI
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Mumbai: Fintechs and financial institutions must treat data as a fiduciary responsibility, not a business asset, and use it strictly within the consent provided by users, Reserve Bank of India (RBI) governor Sanjay Malhotra said.In his address at the Global Fintech Fest, Malhotra said trust in the financial system ultimately drives adoption and endurance, leading to transformational impact."Every fintech in this room holds something which is much more valuable than the capital and that is the data. This data must be treated the way a trustee treats assets held for a beneficiary, collected with a clear purpose and used strictly within the consent provided, and protected as though it was one's own," Malhotra told a room full of bankers, fintech executives and regulators.Also read: Policy must balance innovation with accountability, resilience: RBI Deputy Guv Rohit JainHe reiterated the risks of adopting artificial intelligence (AI), including bias, exclusion, cybersecurity,...
Govt funds solar heat for industry
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New Delhi: The Ministry of New and Renewable Energy has invited proposals to promote concentrating solar thermal technology for industrial process heating, offering financial support to cut fossil fuel use in applications ranging from food processing and textiles to chemicals and metals. "The ministry encourages research and technology development proposals and provides up to 50% financial support to industry, start-ups, private institutes and entrepreneurs," the call for proposals said.The government will provide up to 50% of the project cost, and the assistance will be capped at ₹2 crore per project, which may be given in the form of viability gap funding. The last date to submit the proposals is October 7.Also read: Tata Power Solaroof crosses 5 lakh rooftop solar installationsSolar thermal technology uses solar radiation to generate heat, which can then be used directly for applications such as water heating, steam generation and industrial process heating.When combined w...