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Nirmala Sitharaman: Digitisation, the way forward for banking sector

Chennai, Sep 12 (UNI) Digitisation is the way forward for the banking sector as greater use of technology would increase
ease of doing business, Union Finance Minister Nirmala Sitharaman observed today.
Participating in the centenary year celebrations of Tamil Nadu
Mercantile Bank (TMB) at Thoothukudi, she said the banks could offer services in rural areas through digitisation even without
opening branches in rural areas.
So the way forward for any bank, particularly TMB is digitisation.
Digitisation could  be avoided and private banks line TMB should adapt to next generation technology, she said.
“Particularly, you have around Rs 41,000 crore deposits and over Rs 32,000 crore advances. If that is the rapidity with which you are using the money to make more businesses work, it is possible to be more efficient if you adopt complete technology related solutions”, she said.
Ms Nirmala said digitisation in the banking sector would result in rapid growth and use of greater technology would enhance ease of doing business for the banks and its customers across the country.
She also said that Prime Minister’s Jan Dhan programme had made it possible for the marginalised people in society to lead a meaningful life today.
Quoting the Prime Minister, she said no matter whether he/she had money, the government should help them open an account first. With the Rupay card and insurance cover, the scheme had become a reality
that several thousands of people selling on road-side approached the banks for loans.
The Jan Dhan programme, had greatly helped the micro-segments avoid borrowing from private money lenders and the economically weaker sections benefited in a big way.
“Business is not just the prerogative of the rich, but should be possible even for the poor,” she said and appreciated the role played by the TMB in uplifting the poor by lending them small advances at nominal rates.

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