Use big data, AI to detect fraud at PSU banks

The Economic Survey 2019-20 highlighted the need for state-owned banks to use big data and artificial intelligence to detect frauds and defaults, besides launching employee stock ownership schemes, to increase efficiency.

The document, which was prepared by chief economic adviser Krishnamurthy Subramanian and tabled by finance minister Nirmala Sitharaman in Parliament on Friday, said the banking sector must scale up in tandem with the size of the Indian economy to support growth and development.

The growth and efficiency of state-owned lenders, which account for over two-thirds of the banking space, is imperative for India to become a $5-trillion economy in the next five years, survey added.