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The country is moving towards becoming a developed economy, banks have to be ready to play a bigger role: Sitharaman

Highlights

The Finance Minister said- Banks need to ensure that their systems are compatible with each other.
Banks need to invest in new internet-related technologies and AI to curb rigging.
If India has to grow at a fast pace in the next 25 years, then banks should play the role of a catalyst.

New Delhi. Addressing the 75th Annual Meeting of the Indian Banking Association (IBA) in Mumbai, Finance Minister Nirmala Sitharaman said that we have a lot to do. The banking sector needs to serve the elixir of time. He said that we have to see how we can improve ourselves to meet the aspirations of a growing India.

On this occasion, on Friday, 16 September, Finance Minister (FM Nirmala Sitharaman) appealed to the banks to think about strategies to meet the growing aspirations of India in the next 25 years and to meet the credit needs of the economy.

“The country has started striving to become a developed economy”

He further said that banks have to be prepared to play a much bigger role in the times to come as the country has started striving to become a developed economy by 2047. Further, the Finance Minister said that if India has to grow at a fast pace in the next 25 years, then banks should play the role of a catalyst.

Also read – The decline in foreign exchange reserves continues, this time by $ 2.23 billion to $ 550.87 billion

All banks should have the same system: Sitharaman

Nirmala Sitharaman on Friday asked banks to ensure that their banking systems are compatible with each other so that they can serve customers better. He said that at times customers are forced to transact with different banks. He called it an artificial wall that banks have built to protect themselves.

Further, the Finance Minister said that the banks need to ensure that their systems are compatible and in sync with each other so that the common man is not forced to transact with different banks. Apart from this, it is also important to talk in the language of the customer to serve him better and more effectively.

Banks invest in artificial intelligence

The Finance Minister said that it is necessary for banks to invest in new technologies related to the Internet and Artificial Intelligence (AI) to curb rigging. He said that the introduction of technology-based regulatory monitoring system over time has helped the banks to check frauds to a great extent.

Along with this, Nirmala Sitharaman requested the bank officials to increase the cyber security arrangements so that any irregularities can be detected early.

Tags: Banking Sector, business news, Business news in hindi, Finance Minister Nirmala Sitharaman, Nirmala Sitaraman

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