Digitisation the way forward for banking sector : Nirmala

Digitisation is the way forward for the banking sector as greater use ot ftechnology would increase ease of doing business, Union Finance Minister Nirmala Sitharaman observed today.

Participating in the centenary year celebrations of Tamil Nadu Mercantile Bank (TMB) at Thoothukudi, she said the banks could offer services in rural areas through digitisation even without opening branches in rural areas.

So the way forward for any bank, particularly TMB is digitisation. Digitisation could not be avoided and private banks line TMB should adapt to next generation technology, she said.

“Particularly, you have around Rs 41,000 crore deposits and over Rs 32,000 crore advances. If that is the rapidity with which you are using the money to make more businesses work, it is possible to be more efficient if you adopt complete technology related solutions”, she said.

Ms Nirmala said digitisation in the banking sector would result in rapid growth and use of greater technology would enhance ease of doing business for the banks and its customers across the country.

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