Betting of 8.3 lakh crores in IPL! So much money moved!
While the indian Premier League (IPL) is a source of entertainment and excitement for cricket lovers, on the other hand it has become a season of technical challenges for India's banking system. Illegal and legal betting activities during this tournament have put tremendous pressure on the IT infrastructure of banks.
Direct impact of betting on the banking system
According to reports of the Economic Times, illegal betting of more than $ 100 billion (about 8.3 lakh crores) takes place every year during the IPL in India. This betting is mostly done through foreign online platforms, which provide services to indian citizens through cryptocurrencies and 'mule accounts'. However, fantasy sports platforms operating legally in india such as Dream11 and prediction market Probo are also becoming increasingly popular. Through these, people place match-based bets with real money, for which banks have to ensure instant and secure transactions through the UPI network.
Heavy traffic pressure on UPI's capacity
India's UPI system has become the world's largest real-time wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payment system, handling transactions worth more than $3 trillion (about Rs 250 lakh crore) annually. The number of transactions increases rapidly during the IPL season, which increases the load on the server and the failure rate. Every month, the National Payments Corporation of india (NPCI) releases a report on the 'failure rate' of banks, which helps customers decide which bank they should keep an account in.
Increasing monitoring on transactions
The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) has also taken a tough stand on the wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital performance and cyber security of banks. In such a situation, banks are now resorting to Big Data and Artificial Intelligence (AI) based analytics companies. Startups like Bengaluru-based VuNet Systems monitor around 1 billion transactions every day and process about 50 terabytes of data per day.
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