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Digitisation of banking services aid collection of auto-populating data, helps better credit assessment: Finance minister Sitharaman

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CHENNAI: Minister of Finance of the Union Nirmala Sitharaman says collection of autocomplete data by the banks will help better credit advisor of borrowers, which can only be achieved by digitizing services by banks.
Speaking at Tuticorin-based Tamilnad Mercantile Bank Ltd’s centennial year celebrations on Sunday, Sitharaman said: “Today, we do not need to set up new branches in remote areas as technology has replaced a physical branch. Everybody banking Customer requirements can be met by digitizing banking services. The way forward, for any bank, in particular for banks like TMB, will be to digitize their services ”.
With more than Rs 41,000 crore in deposit, of which approximately Rs 32,000 crore is given as advances. “If that’s how fast the bank is using the money to do more business. So it is more efficient to adopt technology-oriented solutions, ”he said.
the finance Minister He also emphasized that technology-related solutions eliminate other types of problems and fintech it is the largest (business) area with which we can cross data. This auto-completed data helps a better credit evaluation of clients and better loans from banks.
TMB has been cautious when it comes to taking steps forward, and that has paid off. “Although TMB established the bank in 1921, the bank had adapted to accepting foreign exchange in the 1980s and was not in a hurry to adopt newer business methods. Similarly, I think digitization should be fully embraced, ”he added.
Given that digitization cannot be avoided for the good of banks and their clients, he stressed that “TMB must guide all its clients towards the digitized way of doing business and ensure that financial inclusion is achieved. Southern Tamil Nadu has always been forward-thinking in creating business activities, he said.
He also said that most banks have achieved credit guarantee schemes through priority sector loans.
Speaking of how a third wave can be avoided by more rapid administration of the vaccine by the government, “Approximately 73 crore of Indians (out of the total of 130 crore of Indians) have received at least one dose of the Covid-19 vaccine. We can avoid the third wave, ”he said.





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