PUNE: Finance minister Nirmala Sitharaman on Thursday said that the banking sector will play a key role in shaping India as a developed nation i.e. Viksit Bharat 2047.
She was speaking during a programme in the city to mark the 90th Foundation Day of the Bank of Maharashtra.
“Banks will be required to give strong momentum to the infrastructure sector, ensure the availability of need-based funding to MSMEs, bring population under the ambit of formal banking channels and provide net insurance cover to all through a central government scheme,” she said.
She further said digital technology was changing the banking landscape as it provides a secure and easy-to-navigate digital banking experience to all customers.
“You need to have a robust and resilient system for which every now and then you need to make sure that the firewalls are adequate, any emergency drill which you need to do, to handle an emergency in terms of digital insecure incidents,” she said.
The minister also highlighted the rising popularity of the UPI in driving digital payments, saying 45 per cent of all real-time digital payments across the world take place in India.
“Banks must widen their horizons and must expand further globally. The UPI is operational in seven countries. Bhutan, Nepal, Sri Lanka, Mauritius, France, Singapore and UAE are using UPI which is spreading its wings. Digital footprints must be the pillars for the expansion of UPI business across the world,” she added.
{{/usCountry}}“Banks must widen their horizons and must expand further globally. The UPI is operational in seven countries. Bhutan, Nepal, Sri Lanka, Mauritius, France, Singapore and UAE are using UPI which is spreading its wings. Digital footprints must be the pillars for the expansion of UPI business across the world,” she added.
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