 "Finance Minister Nirmala Sitharaman urges banks to drive India’s development goals by 2047, emphasizing the need for security in digital banking.")
Union Finance Minister Nirmala Sitharaman emphasized the vital role of the banking sector in transforming India into a developed nation by 2047 during a recent event celebrating the 90th Foundation Day of the Bank of Maharashtra. She highlighted the need for banks to support infrastructure growth, provide targeted funding for MSMEs, and include unbanked populations in formal banking. Sitharaman also pointed out the importance of robust digital banking systems to maintain customer trust and ensure cybersecurity. She noted India’s leadership in digital payments, with UPI facilitating 45% of global real-time transactions and being operational in seven countries. The Finance Minister’s statements underline the strategic direction required for India’s banking sector to meet future national objectives.
Title: Nirmala Sitharaman Emphasizes Banking Sector’s Role in India’s Development by 2047
Tags: Nirmala Sitharaman, banking sector, Viksit Bharat, infrastructure, MSMEs, digital payments, UPI
On September 19, 2024, during the 90th Foundation Day celebration of the Bank of Maharashtra, Union Finance Minister Nirmala Sitharaman stressed the significant role that the banking sector must play in transforming India into a developed nation, referred to as Viksit Bharat, by the year 2047. She highlighted that banks will be instrumental in fulfilling the government’s vision and driving economic growth.
Sitharaman called on banks to focus on boosting the infrastructure sector, ensuring access to finance for Micro, Small, and Medium Enterprises (MSMEs), bringing the unbanked population into formal banking systems, and increasing insurance penetration among citizens. She emphasized the importance of a reliable digital banking experience for customers, pointing out that while technology enhances banking services, banks must ensure their systems are robust and secure to prevent cybersecurity threats.
Furthermore, Sitharaman celebrated the success of the Unified Payments Interface (UPI), noting that India accounts for 45 percent of all real-time digital payments globally. With UPI now operational in seven countries, she indicated that it is playing a crucial role in driving digital transactions across the nation.
As India’s banking landscape evolves, the Finance Minister’s insights underline the need for a proactive and secure banking sector to support the country’s ambitious development goals.
Disclaimer: The headline and image of this report may have been modified by the Business Standard team; the content is mainly sourced from a syndicated feed.
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What did FM Sitharaman say about banks and India’s development by 2047?
FM Sitharaman mentioned that banks should play a key role in making India a developed country by 2047, which is the 100th anniversary of India’s independence. -
How can banks help in India’s development?
Banks can provide loans to new businesses, support infrastructure projects, and promote savings and investments to boost the economy. -
Why is it important for banks to support small businesses?
Supporting small businesses creates jobs, encourages innovation, and helps improve the local economy, which is crucial for national development. -
What role does technology play in banking for India’s growth?
Technology helps banks operate more efficiently, offers better services to customers, and makes banking accessible to people in remote areas. - How can customers contribute to this development through banks?
Customers can save money, invest in various financial products, and support local businesses by using banking services, which in turn helps the economy grow.
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