Finance Minister Nirmala Sitharaman delivered the key note address at the 74th Annual General Meeting (AGM) of the Indian Banks' Association (IBA) in Mumbai on September 26. She began her address by paying homage to all in banking industry who lost their lives serving the nation through the COVID-19 pandemic
Earlier, Union Minister of State for Finance Bhagwat Kishanrao Karad addressed the gathering.
12.35 pm: I want to appreaciate the IBA for the coming together of eight banks to form the Account Aggregator Framework. This will give tailor-made portfolios for people to choose from. People will be encouraged to voluntarily share their data. This will improve credit outreach going forward. If Account Aggregator Framework is put to use well, we would not need specialized credit outreach. Governemnt together with the Reserve Bank of India have thus taken initiatives and helping with protocols and frameworks: Finance Minister Nirmala Sitharaman
12.33 pm: Banks are now able to raise money from the market, hence the burden on the government to recapitalize banks will be less. This is how we want banks to function - lot more professional, with a changed mindset. This is absolutely the right time to become professional: Finance Minister Nirmala Sitharaman
12.32 pm: I thank IBA for having come together in establishing the National Asset Reconstruction Company and Debt Reconstruction Company Limited working together. They would be able to restructure and sell the NPAs: Finance Minister Nirmala Sitharaman
12.30 pm: Long term future of Indian banking is going to be largely driven by digitized processes. Beyond amalgamated banks, different banks who are not amalgamated, systems of different banks should be in a way that they should be able to talk to each other: Finance Minister Nirmala Sitharaman
12.26 pm: IBA should take the initiative and complement government's efforts for financial inclusion by providing access to financial services, especially in unserved and under-served areas: Finance Minister Nirmala Sitharaman
12.24 pm: Almost two-thirds of nearly 7.5 lakh panchayats have optical fibre connections now. IBA should consider this and conduct an exercise to decide where banks should have a physical presence and where we can serve customers even without a physical branch: Finance Minister Nirmala Sitharaman
12. 22 pm: Through a rationalized approach and optimal utilization of digital technologies, we need to improve access of banking in every district, Finance Minister Nirmala Sitharaman as she encourages IBA to do digitized location-wise mapping of all bank branches for every district of the nation
12.21 pm: If we look at the post-COVID scenario, India's banking contour will have to be very unique to India, where there has been an extremely successful adoption of digitization. While banks in many countries could not reach out to their clients during the pandemic, the level of digitization of Indian banks helped us to transfer money to small, medium and big account holders through DBT and digital mechanisms: Finance Minister Nirmala Sitharaman
12.17 pm: India needs four or five more banks like the State Bank of India (SBI). We need to scale up banking to meet changing requirements in light of the shifting recent realities of the economy and industry. I want you (IBA) to think about how Indian banking has to be in the immediate and long-term future: Finance Minister Nirmala Sitharaman
12.15 pm: The way in which the economy is shifting to a different plane altogether and the way industry is adapting, many new challenges have risen. It came to fore that India needs not only more, but bigger banks: Finance Minister Nirmala Sitharaman
12.13 pm: A major challenge bankers faced particularly during the pandemic was the government's agenda of amalgamation of banks. This happened during the COVID-19 pandemic, even as banks were rushing to help those even in remote areas of the country. I appreciate bankers for ensuring that the amalgamation did not create any inconvenience to customers. You ensured that systems of different banks spoke to each other, ensuring there were no aberrations: Finance Minister Nirmala Sitharaman
12.10 pm: Prime Minister Narendra Modi has said that there needs to be a change and reset in our mindset and ways of living. This reset is what is going to occupy all of our minds, says Finance Minister Nirmala Sitharaman
12.05 pm: IBA has kept alignment with milestones of Indian economic development. Going forward you are going to derive benefits of the vibrant economy, India is becoming and also contribute to it, says Finance Minister Nirmala Sitharaman.
11.59 am: Finance Minister Nirmala Sitharaman began her address by paying homage to people in the banking sector who died during the COVID-19 pandemic.
11.55 am: Various packages including Aatmanirbhar Bharat Package have been announced by the government in the wake of the ongoing COVID-19 pandemic. I commend all banks for taking these schemes to the public and also for managing the economy well, says Union Minister of State for Finance Bhagwat Kishanrao Karad
11.50 am: The IBA has grown from 22 banks in 1946 to 244 banks in 2021. I congratulate IBA for its acceptance and execution of decisions taken by government in the interest of bank customers, says Union Minister of State for Finance Bhagwat Kishanrao Karad
11.44 am: Union Minister of State for Finance Bhagwat Kishanrao Karad begins his address
11.35: am: From a humble beginning in 1946 with 23 members, IBA has witnessed momentous transformation during the 75 years of its existence - Rajkiran Rai G, Chairperson, IBA.
11.30 am: The 74th Annual General Meeting (AGM) of the Indian Banks' Association begins.
How to watch the highlights of FM Sitharaman’s key note address at the AGM of the Indian Banks' AssociationTo listen to the union minister’s address, visit the YouTube channel of the Indian Banks' Association, or click here.