Banks should make a plan for 25-year to accelerate India’s growth: Union Finance Minister Nirmala Sitharaman
No fake bank account will go unpunished: Union finance minister Nirmala Sitharaman
Banks should make a plan and meet the credit needs of the economy for the next 25 years
Union finance minister Nirmala Sitharaman on Friday urged banks to develop strategies and meet the credit requirements of the economy over the next 25 years. The finance minister told the Association of Indian Banks 75th Annual General Meeting that banks must play a role in India’s rapid growth over the next 25 years.
“We have more and more work to do. The banking industry has to keep working. We need to see how we can meet India’s growth ambitions to detect fraud and other forms of fraud, detect counterfeit money and warn the government.”
Banks should make a plan that the fake account should not be left without bringing it to court.
“No fake account will go unpunished. There is no place for scammers in the country. The banks will not lose the money that the scammers steal. We need this kind of help. We have to work with the banks. I love that the banks are now making plans for Amrit Kaal. Your money will come back and you will have the opportunity to hire more experts.”
Banks should make a plan to fulfill the aspirations of the youth
Union finance minister Nirmala Sitharaman said banks need to be strategic to meet the aspirations of young people. “You have to make your portfolio attractive to young people so that you have a chance with them. Do you talk to young people or to women? Do you give them the product?
Banks should plan that the importance of local language speaking employees
The Union finance minister also underlined the importance of staff speaking the local language, given the country's diversity."Show inclusiveness with your employees through the way you speak politely to your customers. If you have employees who don't know the regional language and require citizens to speak a certain language, you have a problem. Rate people posted to branches people who can. People who don't speak the local language shouldn't be given roles when dealing with customers. You need to have much more sensible ways of recruiting." Banks should make a plan to emphasize the importance of Mudra Yojana, insurance coverage and up-gradation of Regional Rural Banks Union finance minister Nirmala Sitharaman said banks should improve insurance coverage and ensure maximum saturation in government schemes such as Mudra Yojana. He stressed the importance of modernizing the regional rural banks.
“RRBs need a lot of help with digitization. Sponsoring banks should focus more on RRBs, including their account aggregator framework and agricultural loan disbursement. he said.
Sitharaman also stressed that although banks have sufficient capital, they need to seek professional boards more quickly.