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Banks should embrace digitisation to ensure govt schemes reach needy: Nirmala Sitharaman


TUTICORIN: Minister of Finance Nirmala Sitharaman on Sunday he said that banks, including the private sector, should embrace digitization to ensure government schemes reach the poor and oppressed, as well as adopt Financial inclusion for a wider scope.
Delivering his speech at the city’s centennial celebrations Mercantile Bank of TamilnadSitharaman said that even during the Covid-19 pandemic with the use of digitization through bank correspondents, government financial outlays were distributed to those in need after verifying their details.
“The Prime Minister (Narendra Modi) was clearly aware that banking is important and did not doubt that there may be accounts with zero balances, if they were opened under the Outline of Jandhan Yojana (released in 2014). But he made sure everyone must have a bank account and be able to transact via a RuPay card, “he said.
Stating that the government distributed 1,500 rupees in three installments to those in need through their bank accounts during the Covid-19 outbreak, he said that many changes in the banking sector are taking place at a “rapid pace” through digitization.
“There is no need to open a branch in a place that does not have a bank. Today, to reach a bank account of the people who live there, all kinds of technologies are available … Even sitting from Tuticorin you can meet the banking requirements of the people who live in small villages through technology ”, said.
“The way forward for any bank, particularly a bank like Tamilnad Mercantile Bank, to be more efficient is to adopt complete technology-related solutions,” he said.
“Today, financial technology is the biggest area and with it, we can fill in data on forms. It can be related to income tax or GST. Automated data filling (of a consumer) has been very useful (today), “he said.
Data auto-completion can only be done through ‘digitization’ and TMB management should think about greater use of digitization, he said.
“There are many perspectives for banking … I think it is important that digitization is fully incorporated. Digitization cannot be avoided for its own sake and that of customers,” he said, adding that TMB should incorporate all its means. clients and ensure the implementation of financial inclusion.
Sitharaman after presenting a financial aid to a beneficiary of the Tamilnad Mercantile Bank under the ‘PM Svanidhi scheme’, said that today he is presenting a check to a woman who runs a business selling ‘idiots’ in her cart, you can distribute the aid financial because there is a scheme like PM Jandhan Yojana (financial inclusion scheme).
“If that scheme were not available, today I would not have been able to distribute the assistance to women. It would not have been possible if Prime Minister Jandhan Yojana had not launched in 2014,” he said.
Seventy-four percent of Tamilnad Mercantile Bank’s business was conducted through “priority” sector loans, and through these, the banks were able to expand into rural areas. During the Covid-19 outbreak, the Center introduced the Emergency Credit Guarantee Liquidity Plan to allow MSMEs to do business without charging any additional collateral required, it said.

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