Finance Minister told how banks will play an important role in making India a developed nation

Viksit Bharat 2047: While addressing the banks, the Finance Minister said that you cannot have a digital system that can be hacked anywhere and the entire system and the trust based on it is in danger. A strong system is needed for this.

Visit Bharat Abhiyan: Union Finance Minister Nirmala Sitharaman said that the banking sector will have to play an important role in taking forward the agenda of making the country a developed nation or 'Developed India' by the year 2047. Sitharaman said on the 90th foundation day of the Bank of Maharashtra, 'Banks will have to play an important role in taking forward the agenda set by the Prime Minister and with your role, we will accelerate the achievement of this dream.' She said that banks will have to help in giving strong momentum to the infrastructure sector, providing funds as per the need of the MSME sector, bringing the population deprived of bank services into the banking circle and increasing insurance access.

Sitharaman said that technology is rapidly changing the banking scenario as it provides a secure and easy-to-operate digital banking experience to all customers. However, at the same time, she also asked banks to focus on technology security. The Finance Minister said, 'You cannot have a digital system that can be hacked anywhere and the entire system and the trust based on it is at risk. A strong system is needed for this. You have to ensure that adequate security arrangements are in place and what kind of steps have to be taken in any emergency situation.'

UPI is being used in seven countries

The Finance Minister also talked about the growing popularity of Unified Payment Interface (UPI) in promoting digital payments. He said that 45 percent of all instant digital payments at the global level take place in India. He said that UPI payment system has been started in seven countries at present. These include Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka and United Arab Emirates (UAE). Citing the Reserve Bank's Financial Stability Report, he said that this creates a picture of the strength of the Indian economy and financial system.

NPA ratio at multi-year low

The gross NPA ratio of the banking sector (private and public) has come down to multi-year low of 2.8 percent and NNPA ratio to 0.6 percent. On this occasion, Financial Services Secretary M Nagaraju said that banks should follow the approach of increasing revenue along with earning profit. He also asked the banks to focus on improving customer satisfaction level and introducing customer-friendly systems and processes. Bank of Maharashtra MD Nidhu Saxena said that the bank is planning to add 1,000 branches to its network in the next five years.