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  • Govt auctions 12 coal mines, to yield annual revenue of Rs 3,330 crore, create 20,902 jobs

    Centre completes auction of 9 coal mines, to yield Rs 1,446 crore annual revenue

    Govt auctions 12 coal mines, to yield annual revenue of Rs 3,330 croreIANS

    The Ministry of Coal has successfully auctioned a total of 12 coal mines, comprising eight fully explored mines and four partially explored coal mines across five states, according to an official statement issued on Monday.

    The newly auctioned mines are projected to generate an annual revenue of Rs 3,330 crore (excluding the partially explored mines) and attract a capital investment of approximately Rs 2,319 crore. Additionally, these mines are expected to create 20,902 employment opportunities, significantly contributing to economic development in coal-bearing regions, the statement said.

    The mines are located in Maharashtra, Chhattisgarh, Jharkhand, Arunachal Pradesh, and Odisha.

    Coal mine

    Govt auctions 12 coal mines, to yield annual revenue of Rs 3,330 croreIANS

    These twelve mines collectively hold a geological reserve of approximately 5,759.23 million tonnes, with a cumulative peak-rated capacity of 15.46 Million Tonnes Per Annum (MTPA), excluding partially explored mines. The auctions witnessed intense competition, achieving an impressive average revenue share of 36.27 per cent, reflecting the sustained interest of industries in India’s coal sector and the ministry’s commitment to providing a stable and transparent policy framework, the statement said.

    The Ministry of Coal launched the 11th round of coal mine auctions for commercial mining on December 5, 2024, marking another significant step in India’s journey towards self-reliance in the coal sector. In the forward auctions, a total of twelve coal mines were successfully auctioned, the statement added.

    Since the inception of commercial coal mining in 2020, the Ministry of Coal has successfully auctioned a total of 125 coal mines, with a combined production capacity of 273.06 Million Tonnes per year. Once operationalised, these mines will play a crucial role in enhancing domestic coal production and strengthening India’s energy security. Collectively, these mines are expected to generate an annual revenue of Rs 38,767 crore, attract a capital investment of Rs 40,960 crore, and create employment opportunities for approximately 4,69,170 people.

    Production from commercial coal mines has shown an over 78 per cent growth from 12.55 MT in FY 23-24 to 22.35 MT in FY 24-25, the statement added.

    (With inputs from IANS)

  • Innovative Data Governance and Masking: Transforming Security in Cloud Environments

    data security and governance

    In a rapidly evolving digital landscape, data security and governance have become paramount concerns for organizations migrating to cloud platforms. Data governance and masking innovations are reshaping how enterprises safeguard their sensitive information while maintaining accessibility and compliance. This article explores the advancements in data security, particularly in cloud-native platforms, as detailed in the work of Jaya Krishna Vemuri, a data security and governance specialist.

    Revolutionizing Data Governance Frameworks
    Data governance is evolving from static policies to dynamic, real-time security controls. Modern frameworks use adaptive strategies to counter emerging threats while maintaining efficiency. With automated tracking, structured policies enhance access control, audit logging, and compliance, improving data quality, reducing risks, and strengthening proactive threat mitigation.

    The Power of Role-Based Access Control (RBAC)
    The integration of Role-Based Access Control (RBAC) enhances data governance by restricting access based on user roles, reducing unauthorized exposure. When combined with Single Sign-On (SSO) and Multi-Factor Authentication (MFA), RBAC improves security efficiency, minimizes access-related incidents, and streamlines authentication across enterprise applications.

    Enhancing Security with Dynamic Data Masking (DDM)
    Dynamic Data Masking (DDM) revolutionizes data security by dynamically masking sensitive information based on user privileges. This ensures confidential data remains protected in shared databases while maintaining accessibility. Unlike static masking, which permanently modifies data, DDM enforces real-time security policies, preventing breaches without compromising query performance. Organizations benefit from enhanced security, efficient data access, and seamless regulatory compliance.

    Automated Compliance Monitoring and Audit Logging
    With regulatory requirements becoming increasingly complex, automated compliance monitoring has become a necessity. Modern governance frameworks integrate real-time monitoring systems that detect anomalies, enforce policies, and generate compliance reports with minimal manual intervention.

    Audit logging has also undergone significant advancements, ensuring that all data access and modifications are recorded. This feature supports compliance and enhances security by providing a clear trail of user activity. Organizations leveraging automated audit systems have seen a dramatic reduction in compliance reporting time and increased accuracy in security investigations.

    Object Tagging and Metadata Management for Improved Data Classification
    Data governance frameworks are increasingly incorporating object tagging and metadata management to improve data classification. These features enable enterprises to categorize data effectively, ensuring that access policies align with data sensitivity levels.

    By using automated tagging and classification systems, organizations experience improved consistency and accuracy in data handling. Machine learning-enhanced classification further streamlines governance efforts, reducing the burden on IT teams while improving policy enforcement accuracy.

    Addressing Performance Challenges in Data Governance
    Advanced data governance raises concerns about performance impact, but optimizations like caching and query enhancements mitigate these issues. Enterprises using optimized strategies report minimal slowdowns, even with large masked datasets. Distributed security protocols evaluate policies in milliseconds, ensuring robust security without compromising productivity in high-throughput environments.

    The Future of Data Governance: AI and Automation
    The next wave of data governance innovations is driven by artificial intelligence and automation. AI-powered governance frameworks are being designed to predict security risks, automate policy enforcement, and enhance anomaly detection with minimal human intervention.

    Future governance models will rely heavily on machine learning algorithms that adapt security policies in real time based on usage patterns. Automated compliance verification and predictive security analytics will further strengthen data protection while reducing administrative overhead.

    In conclusion, Jaya Krishna Vemuri‘s analysis highlights how innovations in data governance and masking are revolutionizing security strategies for cloud-based environments. Organizations that implement these advanced frameworks benefit from enhanced compliance, improved security, and optimized performance. As regulatory requirements and cyber threats continue to evolve, businesses must stay ahead by adopting intelligent, automated governance solutions. The future of data security lies in proactive governance frameworks that seamlessly integrate automation, AI, and real-time data protection strategies.

  • NATURALGAS & NATGASMINI Monthly Options Expiry Trading Today

    Please note that all ITM & ATM NATURALGAS and NATGASMINI option contracts expiring today, 24th March 2025, will be converted into futures contracts. You can create fresh positions only until 9 PM today. To avoid the square-off of your positions, please ensure you maintain sufficient margin for the futures contracts before 9 PM today.

  • Transforming Manufacturing: The Power of AI and Generative AI in Smart Factories

    AI and Generative AI

    In this modern era, Artificial Intelligence (AI) and Generative AI (Gen AI) are revolutionizing manufacturing, driving efficiency, precision, and innovation. Amandeep Singh Saini, an expert in AI-driven industrial transformation, explores how these technologies are shaping the next generation of smart factories. By leveraging AI’s predictive capabilities and Gen AI’s design optimization, manufacturers achieve higher productivity, reduced downtime, improved customization, enhanced scalability, and cost-effectiveness.

    The Evolution of Smart Manufacturing
    The integration of AI in manufacturing has redefined production processes. Smart factories now utilize real-time data analytics, machine learning, and advanced sensor networks to enhance efficiency. AI-enabled systems process vast amounts of production data, allowing manufacturers to monitor equipment performance, predict failures, and optimize workflows. This transition from conventional to intelligent manufacturing has increased equipment effectiveness and resource efficiency.

    Predictive Maintenance: Reducing Downtime with AI
    AI-powered predictive maintenance leverages real-time sensor data and machine learning models to anticipate equipment failures. By forecasting potential issues with high accuracy, manufacturers reduce unplanned downtime by up to 72% and extend machinery lifespan. Traditional maintenance approaches often rely on scheduled inspections, leading to unnecessary downtime or unexpected failures.
    Quality Control and Defect Detection with AI
    AI-driven quality control systems have revolutionized defect detection and product assessment. Machine vision, combined with deep learning algorithms, analyzes production outputs with exceptional speed and accuracy. High-resolution imaging and AI-based anomaly detection ensure that defects are identified in real time, reducing waste and improving product quality. These systems significantly surpass traditional inspection methods.

    Gen AI: Revolutionizing Design and Production Optimization
    Generative AI is redefining how manufacturers approach product design and production. With the ability to generate thousands of design variations in minutes, Gen AI enhances rapid prototyping and simulation. Manufacturers analyze multiple production scenarios, optimize material usage, and improve design accuracy, leading to reduced material waste, shorter production cycles, and enhanced customization.

    AI-Driven Process Automation and Efficiency Gains
    AI-powered automation is streamlining factory operations by handling repetitive tasks, optimizing workflows, and dynamically adjusting production parameters. Reinforcement learning models continuously analyze real-time data to optimize energy consumption, raw material usage, and production speeds. This has reduced operational costs while maintaining high production standards.

    Scalability and Adaptability of AI in Manufacturing
    Modern manufacturing facilities adapt to dynamic market demands. AI enables real-time adjustments to production processes, allowing manufacturers to scale operations seamlessly. Whether adjusting to supply chain fluctuations or personalizing products at scale, AI-powered systems ensure optimal performance without compromising efficiency. Additionally, AI-driven analytics provide actionable insights, helping manufacturers anticipate demand shifts and optimize resource allocation.

    Security Considerations in AI-Enabled Manufacturing
    With the rise of AI in manufacturing, cybersecurity has become a crucial focus. AI systems process vast amounts of operational data, making them potential targets for cyber threats. Advanced encryption, multi-layered authentication, and AI-driven anomaly detection secure manufacturing infrastructures. Robust cybersecurity measures ensure uninterrupted operations and safeguard intellectual property.

    The Future of AI and Gen AI in Manufacturing
    As AI and Gen AI evolve, their role in manufacturing will expand. Future developments will include AI-powered autonomous production lines, self-optimizing supply chains, and enhanced human-machine collaboration. The integration of quantum computing with AI is expected to revolutionize complex problem-solving, enabling faster simulations and real-time decision-making in production processes.

    In conclusion, the convergence of AI and Gen AI is transforming manufacturing, bringing unparalleled efficiency, precision, and flexibility to industrial operations. From predictive maintenance to design optimization, these technologies are reshaping smart factories and enhancing scalability. As AI-driven manufacturing evolves, organizations must embrace innovation to remain competitive in a rapidly changing landscape. Amandeep Singh Saini‘s insights highlight the critical role of AI and Gen AI in modernizing industrial production, setting new benchmarks for operational excellence and long-term sustainability.

  • ASUS launches ExpertCenter P500 Mini Tower desktop PC in India – CRN

    ASUS launches ExpertCenter P500 Mini Tower desktop PC in India – CRN

    ASUS announces the launch of the revolutionary ASUS ExpertCenter P500 Mini Tower (P500MV) in India. This is a new desktop PC generation delivering exceptional value and performance for businesses to streamline operations while ensuring high performance, minimal power consumption, security, durability and future-proof expansion. With the new ASUS Tower Air Cooler thermal design and powered by the latest up to Intel® Core™ i7 13620H processor, P5 Mini Tower unleashes up to 95W TDP — delivering better peak performance than competitors in its class. With exceptional energy efficiency, this powerful new desktop also saves up to 34% energy.

    Security is paramount with ExpertCenter P500 Mini Tower, so it’s backed by the reassurance of multiple ASUS ExpertGuardian protection. This powerhouse meets commercial-grade standards with a NIST SP 800-155-compliant BIOS.

    Enhanced with ASUS AI ExpertMeet, ExpertCenter P500 Mini Tower revolutionises virtual meetings through advanced AI tools like real-time translation and automated summaries, making collaboration seamless. With support for up to NVIDIA® GeForce® RTX 3050 graphics, this new desktop also supports superior desktop-grade graphics.

    In short, ExpertCenter P500 Mini Tower sets a new benchmark for small-business desktops, combining power, security, expansion and efficiency with incredible value – ready to empower professional excellence.

    Commenting on the launch, Mr. Dinesh Sharma, Vice President, Commercial PC and Smartphone, System Business Group, ASUS India, said, “At ASUS, we are committed to empowering businesses with innovative and reliable technology. The launch of the ASUS ExpertCenter P500MV Mini Tower desktop is a game-changing step, bringing together much greater performance, power efficiency, security and durability in a compact, enterprise-ready form factor. Designed to meet the evolving demands of modern businesses, it offers a powerful yet energy-efficient solution with up to Intel Core i7 processors, industry-leading ASUS motherboards with 100% solid capacitors, military-grade durability and AI-powered productivity tools like ASUS AI ExpertMeet that enhance productivity without compromising on security or reliability. It is equipped with enterprise-grade security features and energy-efficient components like the 80 PLUS Platinum PSU, where businesses can ensure long-term reliability while being energy efficient. The tool-free expandability and advanced cooling solutions further reinforce its future-proof design, making it the ideal choice for organisations looking to scale efficiently.”

    Key Features of the ASUS ExpertCenter P500MV Desktop:

    • Powerful Performance for Business

    Powered by up to 13th-gen Intel® Core™ i7-13620H processors with 64GB DDR5-5200MT/s RAM (Dual SO-DIMM slots), the ASUS ExpertCenter P500 Mini Tower is engineered to handle demanding business tasks effortlessly. With Intel UHD Graphics, support for dual NVMe M.2 2280 Gen 4 SSD slots (PCIe Gen 4), and dual SATA HDD slots, it supports high-performance computing for industries requiring advanced visual processing. Optional NVIDIA RTX 3050 6GB or NVIDIA RTX A400 4GB dedicated graphics cards further enhance their capability for demanding workloads.

    • Advanced Cooling and Thermals for Energy Efficiency

    The ASUS ExpertCenter P500 Mini Tower introduces industry-leading thermal solutions for optimal performance and longevity. The Triple-Pipe Tower Air Cooler system featured on the Intel® Core™ i7-13620H maximises heat dissipation, improving CPU power efficiency and delivering up to 34% better performance compared to similarly priced commercial desktops. The cooling system features:

    – ASUS Tower Air Cooler: A cutting-edge cooling mechanism with three partially flattened 6.7mm heat pipes and a large yet super-silent 90mm fan.

    – Expanded Heat-Dissipation Area: With up to 3,402 cm² of heat dissipation surface—4X larger than traditional desktop cooling systems—it ensures 34% better CPU performance with superior cooling efficiency.

    – Smart Fan Technology: Enhances airflow management to maintain low operational noise levels (as quiet as 24dB in silent mode), ensuring a distraction-free workspace.

    – Up to 80 PLUS Platinum-certified 330W PSU (Peak 660W)

    – Sustained Performance: The advanced cooling solution ensures smooth, reliable operation under heavy workloads, making it ideal for business environments requiring stability and endurance.

    • Engineered to Save up to 34% power consumption

    The ASUS ExpertCenter P500MV is designed with a carefully engineered combination of processor, thermal management, and power supply unit (PSU), reducing power consumption by up to 34%. This enhanced energy efficiency translates into significant cost savings over time, lowering the Total Cost of Ownership (TCO) for businesses.

    Built with ASUS motherboards—the world’s No.1 motherboard brand—brings comprehensive system protection, 24/7 stability, and consistent performance. Additionally, 100% solid capacitors contribute to superior durability, offering a lifespan up to 2x longer under full CPU load and 6x longer under everyday use compared to traditional capacitors.

    • Industry-Leading Security for Peace of Mind

    Security is at the core of the ExpertCenter P500 Mini Tower, ensuring comprehensive protection for business-critical data. ASUS ExpertGuardian provides enterprise-grade security, including a NIST SP 800-155 compliant BIOS and discrete TPM 2.0 encryption for secure authentication.

    To enhance data security, businesses also receive a complimentary 1-year McAfee+ Premium membership3. For physical protection, the integrated Kensington Security Slot™ safeguards the device in high-risk environments, preventing unauthorised access or theft.

    With ExpertGuardian’s multilayered security, the ExpertCenter P500 Mini Tower protects both hardware and software, giving businesses peace of mind to focus on growth without compromise.

    By integrating MIL-STD-810H certification for military-grade durability, the P500 Mini Tower ensures resilience in demanding environments while extending product longevity. Further, the 80 PLUS Platinum PSU ensure long-term system stability, reducing maintenance needs and upgrade costs. These features together empower businesses to operate efficiently while lowering operational expenditure.

    • AI-Driven Productivity for Modern Workspaces

    ASUS integrates advanced AI-powered tools into the ExpertCenter P500 Mini Tower, making it an ideal choice for hybrid work and collaboration. ASUS AI ExpertMeet enhances video conferencing with AI noise cancellation, AI camera enhancements, AI-generated meeting minutes for seamless productivity and AI Translated Subtitles that break down language barriers in real time. Additionally, Microsoft Copilot, with commercial data protection, empowers businesses to leverage AI for enhanced decision-making and workflow automation.

    • Designed for Compact, Hassle-Free Business Operations

    The ExpertCenter P500 Mini Tower maximises office space without compromising on power. Its sleek and professional design ensures it seamlessly blends into any corporate environment. The 15L tool-free chassis allows hassle-free maintenance and easy upgrades, saving businesses time and effort in servicing and component replacements. The blazing-fast Wi-Fi 6 (Dual-band, 2×2) + Bluetooth v5.4 ensures seamless connectivity.

  • Elon Musk claims Joe Biden administration rejected Space X’s offer to bring back stuck astronauts due to ‘political reasons’

    Elon Musk claims Joe Biden administration rejected SpaceX offer to bring back astronauts stuck in space
    NASA’s SpaceX Crew-9 members pose together for a portrait inside the vestibule between the International Space Station and the SpaceX Dragon crew spacecraft. Clockwise from left, are NASA astronauts Butch Wilmore, Nick Hague, and Suni Williams, and Roscosmos cosmonaut Aleksandr Gorbunov. Photo courtesy: NASA

    Tech entrepreneur Elon Musk has claimed his Space X had approached former US President Joe Biden-led government to bring back Sunita Williams and Butch Wilmore from space but the offer was rejected due to ‘political reasons’.

    Speaking to Fox News, Musk, who is part of President Donald Trump’s DOGE team, said: “We definitely offered to return the astronauts earlier. There is no question about that. The astronauts were only supposed to be there for eight days and they have been there for almost 10 months.”

    “Obviously, that doesn’t make any sense. SpaceX could have brought the astronauts after a few months at most and we made that offer to Biden administration,” he said.

    “It was rejected for political reasons and that’s just a fact,” he said.

    Musk Thanks Trump

    In his X post, Musk said: “Congratulations to the @SpaceX and @NASA teams for another safe astronaut return!.”

    He thanked President Trump for prioritising the mission.

    Williams Returns Home

    Indian-origin astronaut Sunita Williams and her colleague Butch Wilmore arrived on Earth on Wednesday after staying nine months in space.

    Bringing the astronauts back to Earth, NASA’s SpaceX Crew-9 completed the agency’s ninth commercial crew rotation mission to the International Space Station (ISS) on Tuesday, splashing down safely in a SpaceX Dragon spacecraft off the coast of Tallahassee, Florida, in the Gulf of America.

    “NASA astronauts Nick Hague, Suni Williams, and Butch Wilmore, and Roscosmos cosmonaut Aleksandr Gorbunov, returned to Earth at 5:57 p.m. EDT,” read a statement issued by NASA.

    According to reports, the capsule made a fiery entry through the Earth’s atmosphere and then four parachutes opened when the four returning astronauts splash down off the coast of Florida.

    Making for an interesting visual, a pod of dolphins circled the aircraft after the capsule hit the water. The recovery ships soon took the astronauts away after their safe landing.

    “After returning to shore, the crew will fly to NASA’s Johnson Space Center in Houston and reunite with their families,” NASA said.

    The astronauts will now undergo a long recovery process.

  • Vande Bharat trains: Railways will run special Vande Bharat trains from these states to Delhi- Check timings and route


    – Advertisement –

    Indian Railways Special Trains: After the big festival of Holi is over, people of UP and Bihar living in Delhi and NCR are returning to their work.

    The number of passengers returning to Delhi from UP and Bihar is so high that almost all the seats in regular trains are full and many passengers are not getting confirmed seats. Keeping in mind the convenience of the passengers, Indian Railways has made special arrangements for the passengers of UP and Bihar. Indian Railways has announced to run a special Vande Bharat Express train for the people of UP and Bihar. Railways has shared all the necessary details of the special Vande Bharat Express train to be run from Patna, the capital of Bihar.

    – Advertisement –

    Patna-New Delhi Special Vande Bharat Express

    Train no. 02435 Patna-New Delhi Special Vande Bharat Express will depart from Patna daily at 8.30 am (except Tuesday) till 21 March and will reach New Delhi at 20.10 pm the same day. During its journey, this train will halt for 2 minutes at Ara, 2 minutes at Buxar, 10 minutes at Deen Dayal Upadhyay Junction, 5 minutes at Prayagraj, 2 minutes at Kanpur, 2 minutes at Aligarh and 2 minutes at Ghaziabad. This special Vande Bharat Express train will have executive chair cars along with normal chair cars. The fare of normal chair car of this special Vande Bharat going from Patna to New Delhi is Rs.2575 and the fare of executive chair car is Rs.4655.

    New Delhi-Patna Special Vande Bharat Express

    Train No. 02436, New Delhi-Patna Special Vande Bharat Express will depart from New Delhi daily at 8.30 am (except Monday) till 20 March and will reach Patna at 20.10 pm the same day. This train will stop at Ghaziabad, Aligarh, Kanpur, Prayagraj, Deen Dayal Upadhyay Junction, Buxar and Ara railway stations during its journey. This special Vande Bharat Express train will have executive chair cars along with normal chair cars. The fare of normal chair car of this special Vande Bharat going from New Delhi to Patna is Rs.2560 and the fare of executive chair car is Rs.4640.

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  • Exciting Update: Faster & Safer Settlements Coming Your Way!

    We have great news! SEBI’s new Direct Payout System is set to go live on 24 February 2025, making the settlement process smoother, faster, and more secure for you.

    What is a Direct Payout System?
    Direct settlement is a new process that ensures that when you buy stocks, they are credited directly to your demat account.

    What’s changing for you?
    Everything remains the same—just faster and smoother! However, to ensure a seamless transition, a few services will be temporarily unavailable on 24 & 25 February 2025:
    – MTF (Margin Trading Facility) buying will be unavailable on 24 & 25 February 2025
    – Stocks bought on 24 February won’t be available for selling on 25 February 2025 (BTST)

    We’re committed to making this transition as easy as possible for you. Stay tuned for further updates, and as always, we’re here to help with any questions!

  • India diversifies exports kitty, impact of US tariffs minimal: SBI report

    Impact of US tariffs on India minimal as country diversifies exports kitty: SBI report

    IANS

    The impact of US trade reciprocal tariffs on India will be minimal as the country has diversified its exports kitty, pitched value addition, exploring alternate areas and works on new routes that transcend from Europe to the US via the Middle East, redrawing new supply chain algorithms, a new SBI Research report said on Monday.

    The decline in the exports is expected to be in the range of 3-3.5 per cent, which again should be negated through higher export goals across both manufacturing and services fronts, the report mentioned.

    India will also be able to take advantage of the aluminium and steel tariffs imposed by the US last week. India has a trade deficit for aluminium ($13 million) and steel ($406 million) trade with the US where it can potentially take advantage.

    The US reciprocal tariffs are expected to come into effect on April 2, and intense bilateral talks between New Delhi and Washington are currently on.

    Union Commerce Minister Piyush Goyal said last week that he “had a forward-looking discussion with US Trade Representative Jamieson Greer on a mutually beneficial Bilateral Trade Agreement” between India and the US.

    Impact of US tariffs on India minimal as country diversifies exports kitty: SBI report

    IANS

    “Our approach will be guided by ‘India First’, ‘Viksit Bharat’ and our Comprehensive Strategic Partnership,” Goyal posted on X, along with a photo of his meeting with Greer.

    Goyal had previously met Greer and US Commerce Secretary Howard Lutnick during his visit to the US. This followed US President Donald Trump and PM Narendra Modi’s talks on negotiating the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by the fall of 2025.

    According to SBI Research, India has also been talking about free trade agreements (FTAs) with several partners – both bilateral and regional – in a bid to boost export-oriented domestic manufacturing.

    India has signed 13 FTAs in the last five years with its trading partners like Mauritius, the UAE, Australia, etc.

    The country is also negotiating FTAs with the UK, Canada, and the EU, targeting sectors like services, digital trade, and sustainable development.

    India and New Zealand have also announced the launch of negotiations for a comprehensive and mutually beneficial FTA.

    The FTA with the UK alone is expected to increase bilateral trade by $15 billion by 2030. Future FTAs will likely focus on enhancing digital trade, with projections indicating that the digital economy could add $1 trillion to India’s GDP by 2025, according to the report.

    “The shift towards regional supply chains and the impact of geopolitical changes, such as the US tariff war, are influencing India’s FTA strategies to ensure alignment with global trade dynamics,” the report added.

    These FTAs cover a wide array of topics, such as tariff reduction impacting the entire manufacturing and agricultural sectors; rules on services trade; digital issues such as data localisation; intellectual property rights that may have an impact on the accessibility of pharmaceutical drugs; and investment promotion, facilitation, and protection.

    (With inputs from IANS)

  • Legacy or limitation? Transforming technology for banking in the future

    Despite its high costs and risks, legacy technology is still widespread in the financial services sector. In fact, a survey of bank executives by Dragonfly Financial Technologies found that more than 53% were concerned about their dependency on legacy technology and rising technology debt.

    Now that mobile banking has become commonplace, the persistence of legacy infrastructure not only poses major risks to device security but also prevents banks from enhancing customer interactions and improving employee workflows.

    Here are some current obstacles to legacy technology and banking modernization and how financial services companies can overcome them.

    Banks are struggling with legacy technology

    Traditional systems are expensive, labor-intensive and challenging to keep secure amidst the current IT talent shortage. According to the Capgemini World Retail Banking Report 2024, legacy systems create complexities with integrating new AI technologies, which are often incompatible with outdated processes. Banks that have not addressed their technical debt may miss out on valuable opportunities to use AI to streamline employee workflows and improve the customer experience.

    As the Capgemini report points out, AI can streamline back-office operations by automating data entry, document processing and compliance checks. As a result, bank employees can devote their time and expertise to higher-value tasks that involve critical thinking and strategic decision-making.

    Legacy systems can also hold banks back from delivering a modern customer experience. According to an IDC survey sponsored by Samsung, Bridging the Digital–Human Gap in Banking, 83% of customers expect seamless information across mobile, online and in-person interactions.1 Banks that still struggle with legacy systems may have difficulty enabling the kind of omnichannel integration required to effectively engage customers on all the channels they use today.

    Strategies for modernizing legacy technology

    Banks are grappling with their technical debt in a variety of ways. As consulting firm Endava explains in its 2024 Retail Banking Report, financial firms can pursue progressive modernization, total replacement or incremental change. Incremental change is the most popular approach. The majority of banks surveyed (47%) in the report followed that path. In this scenario, a bank makes small feature and functionality changes to an existing legacy system over time to gradually modernize it. For example, a bank might use this approach to update a customer-facing mobile app with a more modern interface, introducing small improvements like self-service capabilities without disrupting core systems.

    The next most popular approach is progressive modernization (40%),which involves combining digital wrappers, open architecture and/or APIs to update legacy infrastructure, so it is cloud compatible. A bank could use this approach to quickly provide employees with advanced tools and dashboards that connect to legacy systems behind the scenes. This method has pros and cons, of course. Although it enables a modern user interface, the internal core is not updated, so the bank has deferred the task of fully modernizing it until a future date.

    Some banks (13%) choose to replace a legacy core completely. Total replacement is the most complex, resource-intensive and potentially disruptive choice because it has a stronger impact on the bank’s overall systems and requires sophisticated change management. Financial firms that pursue this strategy tend to realize the benefits of modernization much faster than those that do not. Upon completing their replacement, they can immediately enable improvements that would be far harder to achieve in a legacy environment, such as real-time customer analytics and personalization.

    Many banks recognize the potential in digital transformation when it comes to improving the customer experience and employee workflows; however, legacy technology is still blocking the path too often. There are multiple approaches to addressing this technical debt. The banks that take on the challenge of modernizing their legacy infrastructure now will be in the best position to manage risk and enable future growth.

    Learn how Samsung’s financial services solutions can modernize legacy technology and enable growth.

    Sign up for our newsletter, INSIGHTS: Banking, a monthly update from Samsung on banking trends and technology’s role in the financial services industry.

    1IDC Infographic, sponsored by Samsung, Bridging the Digital–Human Gap in Banking, #US52023624, May 2024.