Digital
Beyond the reel, India’s tech dreams take shape
MUMBAI: Lights, camera, revolution! The silver screen is turning digital, and India’s film industry is ready for its next big act, one fuelled by technology, imagination and a dash of innovation.
At FICCI Frames 2025, the session “Beyond Imagination: The Future of Filmmaking” brought together industry leaders to explore how new-age tools like AI, VFX and virtual production are transforming storytelling. The discussion came in the wake of the Maharashtra government’s Rs 3,268 crore AVGC-XR Policy 2025, an ambitious plan to make the state a global powerhouse for animation, gaming and extended reality.
DNEG co-founder and president Merzin Tavaria set the tone for the session. “Content is still king,” he said. “Technology should help us tell better stories, not distract from them. AI is here to stay as a tool, but it must never replace the individual.” He added that India’s post-pandemic film resurgence has proven the world-class calibre of its creators.
Phantomfx founder and CEO Bejoy Arputharaj urged filmmakers to evolve with technology. “Filmmakers must embrace the changing landscape,” he said. “Virtual production and AI aren’t here to take over, they’re here to help us imagine what was once impossible.”
From Japan, Dwarf Studios CEO Shuhei Harada emphasised originality over imitation. “The world doesn’t need more copies,” he said. “India should focus on creating authentic, original entertainment. Bringing international talent here can help local creators learn new methods and grow faster.”
Moscow Film Cluster deputy director Georgy Prokopov called for international collaboration. “Russia and India can build a technology bridge,” he suggested. “Shared virtual production infrastructure can reduce costs and accelerate creative exchange.”
Meanwhile, FICCI AVGC-XR Forum chair and Graphiti Studios co-founder Munjal Shroff stressed the need for India to sharpen its technical edge. “We already have the talent and the tools,” he said. “Now it’s about mastery, using technology not as a crutch but as a canvas.”
As the session wrapped, the takeaway was clear: the next blockbuster might not just be shot in India, it could be built here, pixel by pixel. Because in the cinema of tomorrow, the script won’t just be written. It will be rendered.
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.
