Finance Minister Nirmala Sitharaman advised banks to utilize digital footprints from UPI to grow their balance sheets. She highlighted UPI’s international usage and emphasized adopting technology for risk mitigation and improved customer service.
Finance Minister Nirmala Sitharaman on Thursday said the banking sector will have to play a crucial role in driving the agenda of making India a developed nation or Viksit Bharat by 2047.
Sitharaman said banks will be required to give strong momentum to the infrastructure sector, ensure the availability of need-based funding to MSMEs ,bring unbanked population under the ambit of formal banking channels,and help increase insurance penetration.
She noted that technology is changing the banking landscape as it provides a secure and easy-to-navigate digital banking experience to all customers.
The minister also highlighted the rising popularity of the UPI in driving digital payments, saying 45 per cent of all real-time digital payments globally take place in India.
The UPI is operational in seven countries, she added.
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