PM Modi said the government would be infusing Rs 70,000 crore in the public sector banks in the next few years to help them deal with the distress assets issue.
Prime Minister Narendra Modi on Monday said that banking in India is undergoing a major transformation and moving towards a situation where the sector will become premises-less and paper-less.
The change will come about due to the advent of technology.
“The banking sector is seeing changes. Mobile banking is coming up,” he said at the launch of an IDFC Bank here.
Modi said that currency printing cost will come down. “We have to take the country in that direction. As we use technology, we move to paper-less banking, currency-less business operations; the possibility of black money will gradually become negligible,” he said.
He added that the government has initiated a series of banking reforms including re-capitalisation of PSU banks, change in rules for hiring top management and paper-less transactions to curb the black money menace.
The Prime Minister also listed out the seven-point agenda to improve operations of the state-owned banks. It includes capitalisation, setting up of Bank Board Bureau and introduction of a framework for accountability.
“We have decided to bring improvements in the appointments at the top levels of the banks. This improves efficiency,” he said, adding private sector professionals have been hired in PSU banks after nationalisation of banks in 1969.
Modi said the government would be infusing Rs 70,000 crore in the public sector banks in the next few years to help them deal with the distress assets issue.
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