Finance Minister Nirmal Sitharaman said that there is a need for an inter-connected digital system for the Indian banking industry. He said that keeping in view the challenges of the future, we not only need more number of banks, but also need large banks.
Mumbai. Union Finance Minister Nirmala Sitharaman said that India needs 4 to 5 banks of equal size to the State Bank of India (SBI) to meet the growing needs of the economy and industry. “The industry needs to think about how Indian banking should be in the immediate and long-term,” he said at the 74th Annual General Meeting of the Indian Banks’ Association (IBA). He said that as far as the long-term future is concerned, this sector is going to be largely driven by digital processes.
‘The country needs not only banks but also big banks’
Finance Minister Sitamaran said that there is a need for an inter-connected digital system for the sustainable future of the Indian banking industry. He said that keeping in view the challenges of the future, we not only need more number of banks, but also need large banks. He said that India needs at least four SBI sized banks. We need to promote banking to meet the changing and growing needs. This was thought of even before the pandemic. Now in India we will need 4 or 5 SBI.
‘Indian UPI has left a big mark in the world’
Emphasizing on strengthening UPI, Finance Minister Nirmala Sitharaman said that today Indian UPI has really left a huge mark in the world of digital payments. Our Rupay card was not as glamorous as foreign cards but is now accepted in many different parts of the world. This is an example of India’s intentions for future digital payments. He appealed to the bankers to give importance to UPI and strengthen it.
There is no presence
of banks in many districts in the country. He asked the banks to either open branches with all facilities in such districts or set up a small unit providing banking services. Sitharaman wondered how there are no banks even in those areas where economic activity is at a high level. In such a situation, a lot of work is yet to be done to reach the streets.
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