Banks should become digital to take the benefits of government schemes to the needy people: Sitharaman – bank sitharaman to become digital to take the benefits of government schemes to the needy people

Banks should become digital to take the benefits of government schemes to the needy people: Sitharaman – bank sitharaman to become digital to take the benefits of government schemes to the needy people

Tuticorin (Tamil Nadu), Sep 12 (PTI) Finance Minister Nirmala Sitharaman has said that banks (including the private sector) should adopt digitization expeditiously so that the benefits of government schemes reach the poor and backward sections of the society.

Addressing the centenary celebrations of Tamilnad Mercantile Bank, the Finance Minister said on Sunday that the financial assistance of the government could reach to those in need during the pandemic, through banking correspondents, after verifying the details of the needy people using digital.

The Finance Minister said, “The Prime Minister knows that banking is important. So he did not hesitate to allow zero balance bank account under Jan Dhan Yojana. He ensured that everyone has a bank account and can transact through RuPay card.

Sitharaman said the government has transferred Rs 1,500 in three installments to the bank accounts of the needy people during the COVID-19 pandemic and “the banking sector is changing very rapidly through digitisation”.

The Finance Minister said that today there is no need to open a bank branch at a place where there is no bank. Today we reach out to the bank accounts of the people living there. All kinds of technologies are available. Even sitting in Tuticorin, one can meet the banking needs of a person living in a small village through technology.

He said that today it is imperative for banks like Tamilnad Mercantile Bank to adopt technology related solutions so that they become more efficient.

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Sitharaman said, “There is a huge potential for banking. I believe that digitization should be complete. Digitization is essential from your own and customers’ point of view. Tamilnad Mercantile Bank should connect all its customers to it and implement financial inclusion.

Sitharaman said after providing financial assistance to a beneficiary of Tamilnad Mercantile Bank under the Pradhan Mantri Svanidhi Yojana, that you are giving a check to a woman who does the business of selling idlis. You were able to give this financial assistance because there is a scheme like Pradhan Mantri Jan Dhan.

“If it was not for this scheme, you would not have been able to provide this assistance. This became possible because the Pradhan Mantri Jan Dhan Yojana was launched in 2014.

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