Staff Reporter
Union Minister Finance Minister Smt. Nirmala Sitharaman has exhorted the banking sector to play a lead role in realizing the dream of a developed India by 2047. The Finance Minister observed that the next 25 years which the Prime Minister refers to as Amrit Kaal has taken off very well, with the auspicious beginning of India becoming the fifth largest economy in the world. She was addressing the 75th Annual General Meeting of Indian Banks’ Association in Mumbai today.
The Finance Minister exhorted the banks to plan for the next 25 years. She asked bankers to meet the aspirations of the youth of India in the next 25 years. While emphasizing technology, Smt. Sitharaman said the sector must prioritize the implementation of Artificial Intelligence and WEB3 technologies, especially for detecting frauds, and unusual transactions and to generate early warning signs about something going wrong.
The Minister underlined the importance of having staff who can speak the local language, considering the diversity of the nation. She asked bank staff should speak in local language with customers. She said, When you have staff who do not talk the regional language and who demand citizens to speak in a particular language, you have a problem. Please review the people getting posted at branches. Smt. Sitaraman said, People who cannot speak the local language should not be assigned to roles dealing with customers. Banks must have a lot more sensible ways of recruiting people.
Pointing out the importance of the upgradation of Regional Rural Banks, Ms. Sitharaman said these banks need a lot more assistance in digitalization. She asked sponsoring banks to give more attention to RRBs, including in bringing them to Account Aggregator Framework and in disbursal of agricultural credit. The finance minister appreciated the banking sector for undertaking the amalgamation process smoothly and catering to customers, even during the tough times of the pandemic.