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Economy
Pradeep Kumar

27/09/21 09:25 AM IST

India needs 4-5 more banks like SBI

In news

Union Finance and Corporate Affairs Minister Nirmala Sitharaman said India would need four or five more banks like the SBI to support economic growth.

Details
  • The way in which the economy is shifting to a different plane altogether, the way in which industry is adapting, so many new challenges keep arising.
  • To address these challenges, we need not just more, but bigger banks.
  • “The long-term future of Indian banking is going to be largely driven by digitised processes.
  • She urged the IBA to improve access to banking in every district through a rationalised approach and optimal utilisation of digital technologies.
Financial inclusion
  • The IBA should take the initiative and complement government’s efforts for financial inclusion and enhancing access to financial services, especially in unserved and under-served areas.
  • In the payment world today, Indian UPI has actually made a very big impression.
  • A RuPay card which was not as glamorous as a foreign card is now accepted in so many parts of the world, symbolic of India’s futuristic digital payment intentions.
  • FinTech understands that UPI is its backbone. 
Source: The Hindu

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