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Developed India: Union Finance Minister Nirmala Sitharaman said on Thursday that the banking sector will have to play an important role in furthering the agenda of making India a developed nation or developed India by the year 2047. Sitharaman said in a program organized here on the 90th foundation day of Bank of Maharashtra that banks will have to play an important role in furthering the agenda set by the Prime Minister and with your role we will accelerate the achievement of this dream.

She said that banks will have to help give a strong impetus to the infrastructure sector, provide the required finance to the MSME sector, bring the unbanked population into the banking fold and increase insurance access. Sitharaman said that technology is rapidly changing the banking landscape as it provides a secure and easy-to-operate digital banking experience to all customers.

However, at the same time, he also asked banks to focus on technology security. The Finance Minister said, “You (banks) cannot have a digital system that can be hacked anywhere and the entire system and the trust based on it is at risk. For this, you need a strong system. You have to ensure every time that adequate security arrangements are in place and what kind of steps have to be taken in case of any emergency.”

The Finance Minister also highlighted the growing popularity of the unified payment system UPI in promoting digital payments and said that 45 percent of all instant digital payments globally take place in India. The UPI payment system is currently operational in seven countries other than India.

With agency input.