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FM says Long Term Future of Indian Banking would be driven by digital processes; Asks IBA to carry out nation-wide digitized mapping of bank branches Sitharaman commends banks for smooth amalgamation Mumbai, September 26, 2021 Union Finance and Corporate Affairs Minister Smt. Nirmala Sit
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FAQ :
Nirmala Sitharaman believes India needs more large banks to scale up and meet the changing requirements of the economy and industry, which are facing new challenges and shifting to a different plane.
The Finance Minister stated that the long-term future of Indian banking will be largely driven by digitised processes, noting the successful adoption of digital mechanisms during the pandemic for money transfers.
The Finance Minister has asked the IBA to carry out a digitised, location-wise mapping of all bank branches nationwide to improve access to financial services through a rationalised approach and optimal use of digital technologies.
India has set an export target of $2 trillion by 2030, comprising $1 trillion in merchandise exports and $1 trillion in service exports.
NARCL is a formulation intended to clean up banks' assets and dispose of Non-Performing Assets (NPAs) speedily, not a 'bad bank', according to Nirmala Sitharaman.
The Finance Minister commended banks for executing the amalgamation of banks smoothly and without inconvenience to customers, even during the COVID-19 pandemic.
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