Tuticorin: Minister of Finance Nirmala Sitharaman on Sunday said banks, including the private sector must embrace digitization against ensuring that the government’s scheme reaches the poor and oppressed, in addition to adopting financial inclusion for a wider range.
Conveying having his address at a hundred-year celebration based on the city-Tamilnad Mercantile Bank, said Sitharaman even during Covid-19 Pandemics with the use of digitalization through banking correspondents, government financial expenditure was distributed to those who needed after verifying their details.
“Prime Minister (Narendra Modi) is clearly aware that banks are important and do not hesitate that there can be an account with zero balance, if they open under the Jandhan Yojana scheme (launched in 2014).
But he ensures that everyone must continue the account Bank and can transact through Rupay cards, “he said.
It stated that the government was distributed by 1,500 Rs in three installments to those in need through their bank account during Covid-19 plague, he said there were many changes that occurred in the banking sector in “fast steps” through digitalization.
“There is no necessity to open a branch in a place that does not have a bank.
Today, to reach a bank account from the people who live there, all types of technology are available …
Even sitting from Tuticorin one can serve the banking requirements of the people who live In small villages through technology “, he said.
“The road to the front for banks, especially for banks such as Tamilnad Mercantile Bank, to be more efficient, is to adopt a complete technology related solution ‘, he said.” Today’s financial technology is the largest area and uses that we can get data populates into shape .
Maybe the income tax or GST is related.
Auto-filling data (consumers) has been very useful (today), “he said.
Auto-filling data can be done only through ‘digitalization’ and TMB management must think of greater use of digitalization, he said.” There are many banking prospects …
I think it is important for digitalization must be truly taken.
Digitalization cannot be avoided for your own good and for customers, “he said, adding TMB must be on vessels of all customers and ensuring Financial Inclusion is implemented.
Sitharaman after presenting financial assistance to beneficiaries of the Tamilnad Mercantile Bank under the ‘Svanidhi PM scheme’, said the day These are you on a check presentation with a woman who runs a business by selling ‘idlies’ in her pushcart, you can distribute financial assistance because there is a scheme like PM Jandhan Yojana (Financial Inclusion scheme).
“If the scheme is not available, right now you don’t will be able to distribute assistance to the woman.
It would not be possible if PM Jandhan Yojana was not launched in 2014, “he said.
Tamilnad Mercantile Bank 74 percent of business is through ‘priority’ sector loans and through this bank capable of expanding to rural areas.
During Covid -19 outbreaks, the center introduces liquidity Emergency Credit Guarantee The heading scheme allows MSMEs to do business without collecting additional collateral needed, he said.
Banks must embrace digitalization to ensure the government scheme reaches in need: FM
