Chennai: Finance Minister Union Nirmala Sitharaman said the collection of population data automatically by the Bank would help better credit assessment of borrowers, which could only be achieved through the bank to digit their services.
Speaking of the Centenary Year celebration of Tamilnad Mercantile Bank Ltd., on Sunday, Sitharaman said “Today, we do not need to establish new branches in remote areas, because technology has replaced physical branches.
All customer banking requirements can be fulfilled by digitalization Banking services.
Advanced roads, for any bank, especially for banks such as TMB will digitize its services.
“With more than RS 41,000 Crore Deposit, including around RS 32,000 Crore given as progress.
“If it is a bank speed that uses money to make more businesses.
Then, more efficiently to adopt technology-oriented solutions,” he said.
The Minister of Finance also stressed that the technology-related solution to take the type of problem and other Fintech is the largest (business) area that uses it we can cross data.
Like that, automatic populated data helps in better customer credit assessments and better loans by banks.
TMB was careful in taking a step forward, and it paid off.
“Although TMB established a bank in 1921, the bank had adapted to receive foreign currencies in the 1980s and was in no hurry to adopt a newer business method.
Likewise, I believe digitization must be fully adopted,” he added.
Because digitalization cannot be avoided for the good of the bank and its customers, he emphasizes “TMB must lead all your customers in a way that is digitized in doing business and ensuring financial inclusion is reached.
Tamil South Nadu is always progressive to create business activities, he said.
He also said most The bank has achieved a credit assurance scheme through priority sector loans.
Talking about how the third wave can be avoided through a faster vaccine administration by the government, “around 73 Crore India (from a total of 130 Crore Indians) has received at least one dose of Covid-19 vaccine.
We can avoid the third wave, “he said.