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The <keyword id="20018890" type="General" weightage="20" keywordseo="digital-infrastructure" source="keywords">digital infrastructure</keyword> has made the <keyword id="20572901" type="General" weightage="20" keywordseo="loan-sanctioning" source="keywords">loan sanctioning</keyword> system adopt an online mode, but the <keyword id="21614839" type="General" weightage="20" keywordseo="loan-recovery" source="keywords">loan recovery</keyword> still requires a 'feet on the street' approach, says <keyword id="20506781" type="General" weightage="20" keywordseo="swaminathan-j" source="keywords">Swaminathan J</keyword>, Deputy Governor of Reserve Bank of India (RBI). Speaking at a media event in Mumbai, the deputy Governor of RBI noted that with the digital infrastructure at place, many <keyword id="22721545" type="General" weightage="20" keywordseo="fintech-players" source="keywords">fintech players</keyword> are giving loans to customers with poor credit profiles, and up on default, use aggressive recovery tactics. "While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending <keyword id="22791879" type="General" weightage="20" keywordseo="small-value-loans" source="keywords">small-value loans</keyword> to customers who often have a poor credit profiles" said the deputy governor. He emphasized that the business model of many fintech platforms involves offering small-value loans to customers who often have poor credit profiles. This has led to the adoption of aggressive recovery strategies, which on many occasions also crosses ethical boundaries. He also highlighted one particularly concerning practice that involves the invasion of customers' privacy, where recovery agents access the personal data and contacts of borrowers and use that as a threat practice. Swaminathan cautioned that such tactics not only infringe on individuals right to privacy, but also risk damaging the reputation of regulated lenders associated with these fintech platforms. He also highlighted RBI's regulations on outsourcing, that even though regulated financial entities delegate certain activities to third parties, they remain ultimately accountable for the actions of their outsourced agents. The deputy governor also noted that the digitisation allows banks and NBFCs to leverage data for greater insights into their customers' requirements and behaviour, which can be used for developing bespoke products apart from facilitating better risk management and compliance. He stated that the role of RBI as a regulator is to establish guardrails or a balanced framework that encourages innovation while ensuring that risks are managed prudently. The deputy governor also indicated the primary goal of RBI is to ensure the stability and integrity of the financial system and not to hinder business operations.

Loan sanctioning has gone digital, but recovery still needs a 'feet on the street' approach, says RBI Deputy Governor

<keyword id="19922074" type="General" weightage="20" keywordseo="Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank" meta.hostid="261" meta.entityid="Reserve Bank">Reserve Bank</keyword> Deputy Governor <keyword id="19918795" type="General" weightage="20" keywordseo="Swaminathan" source="keywords">Swaminathan</keyword> J on Wednesday said implementation of <keyword id="22784242" type="General" weightage="100" keywordseo="risk-based-premium" source="keywords">risk-based premium</keyword> for <keyword id="20132734" type="General" weightage="20" keywordseo="deposit-insurance" source="keywords">deposit insurance</keyword> merits consideration as it will ensure that institutions with higher risk profiles contribute more to the insurance fund. Speaking at a conference in Jaipur, he also said that as the financial sector becomes more digitised, deposit insurers must work closely with regulators and supervisors to strengthen oversight mechanisms. This includes regularly updating <keyword id="19946068" type="General" weightage="20" keywordseo="regulatory-frameworks" source="keywords">regulatory frameworks</keyword> to incorporate emerging risks associated with <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword>, <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">cybersecurity</keyword>, and <keyword id="22180855" type="General" weightage="20" keywordseo="fintech-innovations" source="keywords">fintech innovations</keyword>. By adopting a proactive stance, deposit insurers can help ensure that <keyword id="19912054" type="General" weightage="20" keywordseo="financial-institutions" source="keywords">financial institutions</keyword> under their purview are adequately prepared to manage these risks, thereby safeguarding depositor confidence. Swaminathan was addressing the International Conference of the International Association of Deposit Insurers- Asia Pacific Regional Committee (IADI-APRC) hosted by the Deposit Insurance Credit Guarantee Corporation (DICGC). He further said the implementation of risk-based premium for deposit insurance "merits consideration". "By tying insurance premiums to the level of risk posed by individual financial institutions, deposit insurers can incentivize banks to adopt stronger risk management practices. "This approach not only enhances the overall stability of the financial system but also ensures that institutions with higher risk profiles contribute more to the insurance fund," the deputy governor said. He also emphasised that deposit insurers can further mitigate technology risks by relying on supervisory rating assessments that incorporate evaluation of a financial institution's technological and operational resilience. By using these assessments as a basis for setting insurance premiums or determining intervention strategies, deposit insurers can ensure that their actions are informed by a comprehensive understanding of each institution's risk profile, Swaminathan added. The senior <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> official also asked deposit insurers to prioritise crisis preparedness and develop comprehensive contingency plans that account for technology-induced disruptions. This includes conducting regular stress tests and simulations to assess the potential impact of cyber incidents or fintech failures on financial institutions and the broader financial system, he said. The evolving technological landscape presents both significant challenges and opportunities for deposit insurers. By adopting a proactive, risk-based approach, including enhanced oversight, risk-based premiums, reliance on supervisory ratings, faster claim settlements, and industry collaboration, deposit insurers can effectively manage these risks, the deputy governor said.

Risk-based premium for deposit insurance merits consideration: RBI Deputy Governor Swaminathan

<ul class="summary-list"><li>The FDA and CDC <a href="https://www.businessinsider.com/cdc-advisors-yes-to-boosters-for-older-americans-no-for-healthcare-workers-2021-9">recommended this week</a> that people 65 years and older and others at high risk of severe COVID-19 get <a href="https://www.businessinsider.com/cdc-advisors-yes-to-boosters-for-older-americans-no-for-healthcare-workers-2021-9">Pfizer booster shots</a> at least 6 months after their second dose.</li><li>Here's a rundown of how, where, and when to get a booster based on your eligibility.</li></ul>Booster shots are here - for some Americans, at least.US regulators published their recommendations this week as to who should get a third dose of <keyword id="11897118" type="UNKNOWN" weightage="60" keywordseo="pfizer" source="Orion">Pfizer</keyword>'s vaccine. But there were slight differences between the guidelines from the Food and Drug Administration (FDA) and the Centers for Disease Control and Prevention (CDC).The FDA <a href="https://www.businessinsider.com/fda-authorizes-booster-shot-pfizer-biontech-covid-coronavirus-vaccine-2021-9">authorized Pfizer boosters on Wednesday</a> for people 65 years and older and others at high risk of severe COVID-19. That includes people who are more likely to get sick because of their health status, as well those who are at high risk of exposure to the virus due to where they live and work - such as healthcare workers, teachers and daycare staff, grocery store workers, and residents of homeless shelters or prisons.Then on Thursday, the CDC recommended Pfizer boosters for people 65 years and older, nursing home residents, and people ages 50 to 64 with underlying medical conditions. The agency said younger adults with underlying medical conditions or those at increased risk of COVID-19 exposure because of their job or living arrangement could consider a booster.Here's a rundown of how, where, and when to get a third shot based on your eligibility.<h2>Who should get a <keyword id="11896085" type="UNKNOWN" weightage="60" keywordseo="booster-shot" source="Orion">booster shot</keyword>, and when?</h2>The FDA authorized a third dose of the <keyword id="11901412" type="UNKNOWN" weightage="60" keywordseo="moderna" source="Orion">Moderna</keyword> or Pfizer vaccine last month for <a href="https://www.businessinsider.com/fda-expands-covid-19-vaccine-authorization-eua-booster-rollout-2021-8">people with severely weakened immune systems</a> - including people receiving cancer treatment, those with advanced HIV infections, or organ transplant patients. Third doses are necessary for this group, since immunocompromised people <a href="https://www.businessinsider.com/covid-vaccines-less-effective-immunocompromised-cdc-document-2021-7">don't develop the same protection from two shots</a> as others do.Scientists also agree that elderly people - those 65 years and older - require boosters, since their <keyword id="11895016" type="UNKNOWN" weightage="60" keywordseo="immunity" source="Orion">immunity</keyword> from vaccines tends to wane more quickly than average.But there's less consensus when it comes to the rest of the population.An <a href="https://www.cdc.gov/vaccines/acip/members/index.html">independent group</a> of advisors to the CDC out forth its own guidance on Thursday, which recommend Pfizer boosters for nursing home residents, people 65 and older, and all adults with underlying medical conditions. But they do not suggest the shot for healthcare workers, teachers, or prisoners.Scientists do agree, however, that nobody needs a booster until at least six months after their second dose. Pfizer's <a href="https://www.businessinsider.com/booster-shot-data-coronavirus-vaccine-effectivness-drops-over-time-2021-8">data suggests</a> that its vaccine is highly protective against symptomatic COVID-19 for at least six months. The third dose may <a href="https://www.businesswire.com/news/home/20210816005494/en/Pfizer-and-BioNTech-Announce-Submission-of-Initial-Data-to-U.S.-FDA-to-Support-Booster-Dose-of-COVID-19-Vaccine">help maintain that protection</a> when given 6 to 12 months out. <h2>How do you book a booster appointment?</h2>Roughly 80,000 vaccination locations will offer boosters across the country, according to Jeff Zients, the White House <keyword id="11893194" type="UNKNOWN" weightage="60" keywordseo="coronavirus" source="Orion">coronavirus</keyword> response coordinator. For the most part, the shots are available at the same locations where people got their first and second doses - including pharmacies like CVS and Walgreens. Many states have closed their large clinics and drive-through sites, though. Just like the first vaccines, booster shots are free."It will be easy. Just show your vaccination card, and you'll get a booster," President Joe Biden said last month. "No other ID, no insurance, no state residency requirement."Both Walgreens and CVS are asking people to confirm that they meet either the FDA or CDC's eligibility requirements, though the pharmacies don't require specific documentation. CVS said boosters will be available at 6,000 of its pharmacies and clinics starting Friday.Walgreens said people can book appointments over the phone or online starting Saturday. Eligible people can either bring their <keyword id="11896806" type="UNKNOWN" weightage="60" keywordseo="covid-19-vaccine" source="Orion">COVID-19 vaccine</keyword> card to the appointment or provide evidence of their last two vaccine doses and receive a new card. (People who lost their cards can typically retrieve their record by contacting their state health department or the site where they got vaccinated.)<h2>What about those who got J&amp;J?</h2>People who got the <keyword id="11898740" type="UNKNOWN" weightage="60" keywordseo="johnson-johnson" source="Orion">Johnson &amp; Johnson</keyword> shot will likely need second shots in the future, even though the company has said its jab offers <a href="https://www.businessinsider.com/johnson-jj-covid-vaccine-extra-booster-dose-shot-delta-variant-2021-7">"strong" protection against Delta</a> and other variants of concern.This week, <a href="https://www.businessinsider.com/2-shots-johnson-johnson-vaccine-effective-pfizer-moderna-study-2021-9">J&amp;J announced</a> that a second dose of its vaccine led to 94% protection against moderate to severe COVID-19.Some health experts who got the J&amp;J shot, however, have <a href="https://www.businessinsider.com/expert-johnson-vaccine-extra-shot-pfizer-moderna-delta-variant-2021-6">"topped off"</a> with a shot from Moderna or Pfizer, even though that approach goes against the recommendations.<h2>But do we really need boosters?</h2>For most people, there's no need to run to the pharmacy for a booster right away. Vaccines are still highly effective in preventing severe disease, hospitalization, and death."The real problem in this country is not that we need to boost the vaccinated - it's that we need to vaccinate the un-vaccinated," Dr. Paul Offit, who sits on the FDA's vaccine advisory committee, told Insider. "That's the problem. Until we do that, we're going to suffer in this country."The World Health Organization also opposes any move to offer boosters to the general public while so many people in the world remain unvaccinated."It's too soon, really. There isn't enough evidence from enough countries around the world to suggest that the vaccines are indeed failing," Soumya Swaminathan, the WHO's chief scientist, said at a Physicians for Human Rights panel on Monday."The main goal of the vaccines is to prevent severe disease and death," she added. "The main goal is not to prevent infection."

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Loan sanctioning has gone digital, but recovery still needs a 'feet on the street' approach, says RBI Deputy Governor

ANI

Risk-based premium for deposit insurance merits consideration: RBI Deputy Governor Swaminathan

PTI

How, where, and when to get your COVID-19 booster shot

Andrea Michelson,Aria Bendix

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