She says that digitization will lead to faster growth and greater use of technology will make it easier for banks and their customers to do business across the country.
Union Minister of Finance and Corporate Affairs Nirmala Sitharaman said here on Sunday that digitization in the banking sector will lead to rapid growth and greater use of technology will make it easier for banks and their customers to do business across the country.
Speaking at the inauguration of the centenary celebrations of Tamil Nadu Mercantile Bank Limited (TMB), he said that digitization cannot be avoided and private banks like TMB, which have a rich tradition, must adapt to the next generation technology.
Gone are the days when people used to ask to open new bank branches. He said that with digitization the entire business can be done irrespective of the geographical location.
The Prime Minister’s Jan Dhan program has made it possible for the marginalized in the society today to lead a meaningful life. Referring to the Prime Minister, he said that whether they have money or not, the government should help them in opening accounts first. With RuPay cards and insurance cover, the scheme had become a reality as thousands of roadside sellers approached banks for loans.
Ms Sitaraman said, the Jan Dhan program greatly helped the micro segments to avoid borrowing from private moneylenders and thereby benefited the economically weaker sections in a big way. “Business is not only the privilege of the rich, but should also be possible for the poor,” he stressed, lauding the role of TMB in uplifting the poor by giving them small advances at nominal rates.
Expressing sympathy on the growth of TMB, the Finance Minister said, doing business properly for 100 years was a big challenge. Even when the bank faced some issues in the past and what appeared like a storm, the bank resolved them amicably. “I wish TMB another 100 years…” she said.
Praising the Nadar community for financial discipline in doing business, he said that TMB, which was started as Nadar Bank, today has universal acceptance in the banking sector. Started in 1921 at Raja Vedhi in Thoothukudi, the bank has ₹41,000 crore as deposits and ₹32,000 crore in advance.
KV Ramamurthy, MD & CEO, TMB, who in his welcome address focused on the progress and tradition of the priority sector for farmers, small traders and MSMEs, said the Finance Minister would set TMB as an example to others. standing. bank in tamilnadu
He said that after 2014, when many public sector banks faced problems like NPAs (Non-Performing Assets), the Center stepped in. Today, prompt corrective action had restored normalcy in public sector banks. The Centre’s policies such as the Emergency Credit Guarantee Liquidity Scheme for MSMEs during the COVID-19 pandemic had pulled them out of trouble.
Quoting the Prime Minister, he said, banking is the right of every individual and hence, he appealed to all the banks to focus on giving advances to the economically weaker sections as the economy will grow in a similar pattern.
vaccine dose
Ms Sitaraman said that in the last 8 to 9 months, the country has given vaccine to 73 crore people who have taken at least one dose. This was a great achievement and said that the Center has focused on increasing the number of beds in small town hospitals and availability of oxygen and others.
TMB vice-president A. Chidambaram proposed the vote of thanks.
On this occasion, the Finance Minister released a postal card and a postage stamp to commemorate the centenary year. He also flagged off a mobile vaccination campaign vehicle and a mobile Digi-Lobby vehicle, which will reach the doorsteps of the customers.
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