Union Finance Minister Nirmala Sitharaman said on Thursday that the banking sector will have to play an important role in furthering the agenda of making India a developed nation or 'Vishwasit Bharat' by the year 2047. “Banks will have to play an important role in furthering the agenda set by the Prime Minister and with the role of banks, we will accelerate the achievement of this dream,” the Finance Minister said at a program organized on the 90th foundation day of Bank of Maharashtra.
Banks will have to help in increasing insurance access
The Finance Minister said that banks will have to help accelerate the infra sector, provide the required finance to the MSME sector, bring the unbanked population into the banking fold and increase insurance access. Sitharaman said that technology is rapidly changing the banking landscape as it provides a safe and easy-to-use digital banking experience to all customers. However, at the same time, she also asked banks to emphasize on technology-related security.
A strong banking system is needed to avoid any danger
Nirmala Sitharaman said, “Banks cannot have such digital systems which can be hacked anywhere and the entire system and the trust based on it is put at risk. For this you need a strong system. You have to ensure every time that you have adequate security arrangements and what kind of steps to take in any emergency situation.”
UPI is being used in 7 countries
The Finance Minister also highlighted the growing popularity of the unified payment system UPI in promoting digital payments. He said that 45 percent of all instant digital payments globally take place in India. He said that the UPI payment system has currently been launched in seven countries.
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