Bajaj Finserv's AI push; Govt's UPI fix
Bajaj Finserv plans a dedicated AI fund, while the Indian government addresses UPI transaction failures to improve reliability.Summary
Bajaj Finserv is making significant investments in Artificial Intelligence (AI) with plans to launch a Rs 400-450 crore fund in FY27, managed by Bajaj Alts, to invest in AI startups. This will complement direct investments the company is already making. Chairman Sanjiv Bajaj emphasized a strategy of backing “intelligence at scale” by leveraging the group’s distribution network.
Separately, the Indian government is working with banks and the National Payments Corporation of India (NPCI) to reduce high failure rates in Unified Payments Interface (UPI) transactions. Frequent glitches and user errors are impacting trust in the system, particularly at smaller banks. NPCI is reviewing bank performance and recommending fixes.
Other news includes CoinDCX allocating Rs 100 crore for fraud prevention and consumer awareness following the arrest of its founders in connection with an alleged scam, Mistral raising $830 million for an AI data center, the launch of Bluesky’s AI assistant Attie, and Nokia’s plans to cut 20% of its global workforce.
(Source：The Economic Times)