Banking System Rule: Finance Minister Nirmala Sitharaman has expressed concern over the slow progress of computerization in Regional Rural Banks (RRBs). He has also urged the banks to speed up the process of giving loans in rural areas.
Banking System Rule: Many measures have been taken from time to time by the Finance Ministry to improve the banking system across the country. Apart from running campaigns and providing facilities, strict action is also taken.
Now Finance Minister Nirmala Sitharaman has expressed concern over the slow progress of computerization in Regional Rural Banks (RRBs). He has also urged the banks to speed up the process of giving loans in rural areas.
Sitharaman launched ‘Farmer Loan Portal’ and Weather Information Network Data System (WINDS) manual on this occasion. He said that a lot of work still remains to be done in digitalizing RRBs and cooperative banks.
There will be significant changes in banking operations.
He said that the digitalization of cooperative banks will happen at the required pace. Sitharaman believes that these banks are not able to work as fast as other private and big government banks.
For this reason, he has said that the process should be expedited. And in such a situation, portals and systems have also been implemented, in which there will be changes in the work of regional rural banks and the process will be faster.
The Finance Minister said, ‘I am more concerned about RRBs, their digitization and computerization. So, if they do not have this, the phone bank facility… or the extension of internet banking facility… will not work.’
Sitharaman said that a lot of work still remains and the Department of Financial Services is sensitizing them to achieve computerization at a faster pace.
