Finance Minister Nirmala Sitharaman’s banking minister will change all banks from village to city

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Finance Minister Nirmala Sitharaman's banking minister will change all banks from village to city


Photo:India TV Finance Minister Nirmala Sitharaman’s Banking Minister

Highlights

  • Instructions for making a plan for the next 25 years
  • Advice to use AI
  • PM sees next 25 years as ‘Amrit Kaal’

Nirmala Sitharaman Finance Minister Nirmala Sitharaman has directed banks to professionalize their decision-making frontiers. in Mumbai Indian Banks Association (IBA) 75th of Annual General Meeting (AGM) While addressing the Finance Minister Sitharaman said that our government has ensured that there is no direction or interference in the working of banks. All we want is that the country moves ahead in the field of business at a faster pace and the customers get better service from the bank.

Finance Minister Nirmala Sitharaman also urged banks to engage with more technology. It also directed the IBA to ensure that their systems are in sync with each other or keep talking to each other i.e. in touch.

Finance Minister asked many questions

During his speech, he also wanted to know from the people present there whether you are digital savvy? Are your employees digital savvy? Are you comfortable being a digital institution and how much training is provided in it, do your systems talk to each other. The Finance Minister said that all these things are necessary. Also, the IBA should plan to ensure that all banks, whether private or public, talk to each other about what the customer wants.

Instructions for making a plan for the next 25 years

Sitharaman has asked banks to plan for the next 25 years i.e. till 2047. Emphasizing on the banks to strategize to meet the aspirations of the youth of India in the next 25 years, he said that you need to build your portfolio so that it is attractive to the youth as well and you make yourself accessible to them. Are you communicating with the youth, with the women? Are you able to explain your plans to them?

Advice to use AI

Further, the Finance Minister said that technologies like Artificial Intelligence and Web-3 go a long way in detecting frauds and tracking erroneous money transactions. Data analysis using Web-3, Artificial Intelligence (AI) all these should have some coordination on the part of IBA. Leveraging AI should be an immediate priority for banks in case something goes wrong.

Emphasizing on the need for the importance of cyber security for banks, he asked the association whether they are all prepared for adequate firewalls. Are you safe from hacking and force majeure that bring down your system? He further asked the banking sector to play a major role in realizing the dream of a developed India by 2047.

PM sees next 25 years as ‘Amrit Kaal’

The Finance Minister said that the next 25 years are seen by the Prime Minister as the nectar period and with India becoming the fifth largest economy in the world, it has also started auspiciously. We have much more to do. The banking industry needs to serve the eternity. We have to see how well we can raise ourselves to fulfill the aspirations of a growing India. The Prime Minister has said that we need to do this. The banking sector has to make a big contribution to the developed country we are dreaming of by 2047.

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