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Banks to play major role in making India developed by 2047: FM Sitharaman

By Business Standard - 2 months ago
Finance Minister Nirmala Sitharaman on Thursday said the banking sector will have to play a crucial role in driving the agenda of making India a developed nation or Viksit Bharat by 2047. The Finance Minister was speaking at an event here to mark the 90th Foundation Day of the Bank of Maharashtra, a public sector lender. "Banks will have to play a crucial role in driving the agenda set by the Prime Minister and by your role, we are going to give greater momentum to achieving this dream," she said. Sitharaman said banks will be required to give strong momentum to the infrastructure sector, ensure the availability of need-based funding to MSMEs, bring unbanked population under the ambit of formal banking channels, and help increase insurance penetration. She noted that technology is changing the banking landscape as it provides a secure and easy-to-navigate digital banking experience to all customers. However, she added that "you (banks) cannot have a digital system which somewhere

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