Digital
UST unveils ‘Retail GenAI platform’ to transform retail operations with AI
Mumbai: UST launched its ‘UST Retail GenAI Platform’ at the London Innovation Lab. The platform, designed to revolutionise retail operations with generative AI-driven solutions, was inaugurated by Walgreens Boots Alliance, SVP & international CIO, Steve Rempel. Rempel shared insights on critical success factors for GenAI adoption, emphasising the importance of understanding the trust cycle when planning investments. Before the inauguration, UST’s CEO Krishna Sudheendra highlighted UST’s efforts in driving generative AI adoption, including the company’s initiative to train 25,000 employees in GenAI.
The platform, developed in-house by UST’s technology and industry experts, combines established business models with cutting-edge GenAI capabilities, including search, summarisation, automation, and creation. It allows retailers to pilot AI-driven solutions, test outcomes, and accelerate innovation, ultimately optimising retail operations.
“At UST, we’ve partnered with six of the world’s top ten retailers, transforming their businesses. While AI is already transforming retail operations, we still need to unlock its full potential. The UST Retail GenAI Platform offers a structured approach for exploring generative AI scenarios, marking a significant milestone in our mission to revolutionize retail operations through the power of generative AI. This is aligned to our focus on building platforms that can help scale the adoption of GenAI-led ways of working,” said Krishna Sudheendra.
UST’s recent survey underscored the importance of digital transformation, citing resilience, profitability, and sustainability as key outcomes of technological advancements. The UST AlphaAI platform further consolidates AI offerings to enhance business agility and streamline operations.
Digital
RBI proposes Rs 25,000 compensation cap for small digital fraud losses
RBI, customer bank and beneficiary bank will share payouts
NATIONAL: The Reserve Bank of India has proposed a new compensation framework for small-value fraudulent electronic banking transactions, requiring the central bank, the customer’s bank and the beneficiary’s bank to share payouts to affected customers.
Under draft rules released on Friday, compensation will be capped at the lower of 85 per cent of the net loss amount or Rs 25,000 in cases where the gross loss from a fraudulent electronic transaction is up to Rs 50,000.
The proposal comes as regulators step up efforts to strengthen customer protection amid a rise in digital banking frauds.
RBI governor Sanjay Malhotra had indicated during last month’s monetary policy announcement that the central bank planned to introduce a compensation framework for small-value digital frauds, allowing affected customers to claim relief once during their lifetime.
According to the draft guidelines, when the loss is below Rs 29,412, compensation of 85 per cent of the loss will be paid. Of this amount, 65 per cent will be borne by the RBI, while the customer’s bank and the beneficiary bank will contribute 10 per cent each.
For losses of Rs 29,412 or more but up to Rs 50,000, the compensation will be capped at Rs 25,000. In such cases, the RBI will contribute Rs 19,118, while the customer’s bank and the beneficiary bank will each contribute Rs 2,941.
If funds are later recovered after compensation has been paid, the customer’s bank must recalculate the payout based on the revised net loss and adjust the recovered amount accordingly.
Customers will be eligible for compensation only if they report the fraudulent transaction within five calendar days of its occurrence.
Complaints must be lodged both with the bank and through the National Cyber Crime reporting portal or the National Cyber Crime helpline. Banks must also confirm that the loss is bona fide under their internal processes.
Once a complaint is received, banks must compensate the customer within five calendar days, the draft rules state.
In joint accounts, only one account holder may submit a compensation claim.
The central bank has also proposed tightening transaction alerts by mandating instant SMS notifications for all electronic banking transactions above Rs 500. For transactions of up to Rs 500, banks may decide whether to send alerts based on internal policies.
Banks will not be allowed to charge customers for SMS messages sent to meet regulatory requirements or those used for promotional, marketing or customer awareness purposes.
The draft framework also calls for stronger oversight by requiring banks to periodically report complaints related to fraudulent electronic transactions to their boards or board-level committees. These reports must detail the number and value of cases across categories including card-present transactions, card-not-present transactions, internet banking, mobile banking and ATM transactions.
The RBI has invited public comments on the draft guidelines until 6 April, 2026. The rules are expected to take effect on 1 July, 2026 once finalised.
Banking officials say the proposed sharing of compensation between the RBI, the customer’s bank and the beneficiary bank is intended to increase vigilance across the digital payments ecosystem.
