Will further strengthen economy: MoS Bharati Pravin
Loans will also be available digitally: Subhas Sarkar
Sanjeev Pargal
JAMMU, Oct 16: Prime Minister Narendra Modi today dedicated to the nation 75 Digital Banking Units (DBUs) including two in Jammu and Kashmir and attributed India’s sustained economic growth to the efforts of the BJP Government to replace pre-2014 ‘phone banking’ with ‘digital banking’.
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Observing that the country has shifted from the pre-2014 ‘phone banking’ system to digital banking in the last eight years, Modi said “as a result, India’s economy is moving forward with a continuum.”
Addressing during inaugural ceremony of DBUs through video conferencing, the Prime Minister said before 2014, the banks used to get phone calls to decide their functioning, and added “phone banking politics had made the banks unsafe and made the country’s economy insecure by sowing the seeds of thousands of crores of scams.”
Two DBUs of Jammu and Kashmir Bank–one at Channi Rama in Jammu and another at Lal Chowk in Srinagar–were among the 75 DBUs inaugurated by the Prime Minister today.
Union Minister of State for Health and Family Welfare Dr Bharati Pravin Pawar, Lok Sabha MP from Jammu Jugal Kishore Sharma, BJP UT chief Ravinder Raina and Jammu and Kashmir Bank MD & CEO Baldev Prakash were present at Channi Rama DBU during inaugural function while the similar function at Lal Chowk DBU was attended among others by Union Minister of State for Education Dr Subhas Sarkar and Lok Sabha member from Srinagar Dr Farooq Abdullah.
Speaking to reporters after inauguration of Channi Rama DBU, Dr Bharti Pravin said the DBUs will further strengthen ease of doing business and provide more facilities and security to the bank customers.
“Under the leadership of Prime Minister Narendra Modi, India is moving forward in digitalisation which will further strengthen the country’s economy,” the Union Minister said.
Jammu and Kashmir Bank MD & CEO Baldev Prakash described digitalisation as “future of banking” and said the Indian banking system is winning praise worldwide.
“More branches will be converted into DBUs,” Prakash said, adding machines will work 24×7 at Channi Rama DBU while the staff will be available during normal working hours.
Responding to a question by the Excelsior News on speculations about merger of Jammu and Kashmir Bank, the MD & CEO said: “Jammu and Kashmir Bank is moving ahead in business and compliance and is touching new heights”.
Talking to media persons after inauguration of Lal Chowk DBU in Srinagar, Union Minister of State for Education Dr Subhas Sarkar said two kind of services will be available at the DBUs including self services and another which will be assisted by the officials to the persons who need help.
“Loans will also be available digitally,” he said.
In all 75 DBUs inaugurated today by the Prime Minister, there will be no paper work, Sarkar said.
At Channi Rama DBU inaugural ceremony, J&K Bank’s Director-on-Board RK Chhibber, and former DyCMs Nirmal Singh and Kavinder Gupta were also present. At Srinagar, SMC Mayor Junaid Azim Mattu and J&K Bank General Manager Sudhir Gupta were also present.
Meanwhile, Prime Minister Narendra Modi attributed India’s sustained economic growth to the efforts of the BJP Government to replace pre-2014 ‘phone banking’ with ‘digital banking’.
Referring to the previous UPA regime, he said under ‘phone banking’, instructions were given on phone to banks regarding whom they had to lend to and at what terms and conditions.
“The economy of any country is as progressive as its banking system is strong,” he added.
The Prime Minister further said the present Government has transformed the banking system with a focus on transparency.
“After bringing transparency in the identification of NPAs, lakhs of crores of rupees were brought back into the banking system. We recapitalized banks, took action against wilful defaulters, and reformed the Prevention of Corruption Act,” he noted.
Moreover, he added, the enactment of the Insolvency and Bankruptcy Code (IBC) has helped in resolution of the non-performing assets (NPAs) of the banking sector in a transparent and scientific manner.
The Prime Minister said a new self-driven mechanism has been created for the banking system through new initiatives like Digital Banking Units and innovative use of fintech.
“There is as much autonomy for the consumers, there is also the same convenience and transparency for the banks,” he said.
Recalling the traditional ways of the past where people had to go to the bank, the Prime Minister said this Government transformed the approach by bringing the banks to the people.
“We have given top priority to ensure that banking services reach the last mile,” he said.
The Prime Minister urged the small business owners from villages to completely move towards digital transactions. He also asked banks to connect 100 merchants with them for going totally digital for the benefit of the country.
Speaking on the occasion, Finance Minister Nirmala Sitharaman said deploying technology to achieve development goals is the hallmark of the government led by Prime Minister Modi.
When in 2014 the Jan Dhan Yojana was launched, it was followed by mobile and Aadhaar integration, leading to DBT, Mudra and many other initiatives. Financial inclusion was deepened and furthered through the flood of digital payments options, she said.
Stressing that the focus is to harness the benefits of technology and innovation in the banking space, RBI Governor Shaktikanta Das said the establishment of DBUs is a step to further augment the digital infrastructure in the country.
“This will act as an enabler in the digital ecosystem and will improve customer experience by facilitating seamless banking transactions. The DBUs will augment our efforts to promote financial inclusion by providing banking services in a paperless, efficient, safe and secure environment,” he said.
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