Quick Summary
Banking sector has to make a big contribution to making India a developed nation by 2047: Union Finance Minister Smt. Nirmala Sitharaman at 75th AGM of Indian Banks Association Union Finance Minister exhorts banks to plan for next 25 years, embracing digital, modern technologies and seamless syst
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited News Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The Finance Minister wants banks to make a significant contribution to making India a developed nation by 2047.
Banks should use technologies such as Web3 and Artificial Intelligence (AI) for fraud detection and generating early warning signals.
The Finance Minister asked banks to strengthen customer service, Regional Rural Banks, and financial inclusion.
The next 25 years, referred to as 'Amrit Kaal', are crucial for India to achieve its aspirations and become a developed country by 2047.
She urged banks to professionalise their decision-making boards and operate with a purely banking perspective, free from cronyism or interference.
Ensuring bank systems communicate with each other is vital for customer benefit, as seen with frameworks like the Account Aggregator Framework, and helps in detecting fraud and unusual transactions.
CAclubindia
