RBL Bank Selects AWS as Preferred Cloud Provider to Accelerate AI Efforts

RBL Bank has chosen Amazon Web Services (AWS) as its preferred cloud provider to strengthen its AI-powered banking solutions and drive digital transformation at the bank.

The bank is building on its analytics practice and investing in AI capabilities to implement various use cases across multiple segments, including risk, customer service, human resources, and operations. The bank’s AI Center of Excellence worked with AWS to create a templatized framework to roll out use cases using Amazon SageMaker to quickly and easily build, train, and deploy machine learning (ML) models as part of the Bank’s larger AI roadmap.

RBL Bank will leverage Amazon Textract, a machine learning service that automatically extracts text, handwriting, and data from scanned documents, across the Bank’s Risk and Operations divisions to analyze documents such as financial statements, stock statements, and stock audit reports to predict default risk. Using ML allows analysts at RBL Bank to extract data and automate the handling of 2,500 documents per quarter.

Amazon, Flipkart Must Face CCI Probe: Supreme Court

The Supreme Court has ruled that Amazon and Flipkart must face antitrust investigations ordered against them in India.

The Competition Commission of India (CCI) ordered the investigation against the companies last year for allegedly promoting select sellers on their e-commerce platforms and using business practices that stifle competition.

The decision is a major setback for both companies as the Supreme Court appeal was seen as the last legal recourse to block the CCI pressing on with its investigation.

In the current antitrust case, filed by trader group Delhi Vyapar Mahasangh, the two companies face allegations of exclusive launches of mobile phones, promotion of select sellers on their websites and deep discounting practices that drive out competition.

upGrad Enters Unicorn Club with Funding from Temasek, IFC, IIFL

Edtech startup upGrad has entered the unicorn club with a $185-million funding round at a valuation of $1.2 billion. The funding was led by Singapore’s Temasek Holdings, the World Bank’s International Finance Corporation and IIFL.

upGrad recently acquired the online upskilling platform KnowledgeHut for an undisclosed sum.  The edtech startup continues to be promoter-led with the founders group owning over 70 percent stake in the company.