Saturday, January 29, 2022
News

Digital banking push turned into pull factor: former SBI Chairman

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | Wednesday, 2021 5:15:08 AM IST
Digitisation of banking services in India, which started as a "push", has now turned into a "pull" factor, State Bank of India's former Chairman Rajnish Kumar said on Tuesday.

In a discussion session on his book titled "The Custodian of Trust - a Banker's Memoir" - written post his retirement "when he had a lot of leisure time" - at the Management Development Institute in Gurugram, he said: "Everybody is talking about technology in a big way. The government's push to digital initially, I would say, was a push. But, now it has changed into a pull factor.

"Now the consumers want (it). Covid accelerated that because people now want everything touch less."

On FinTech evolution, he said that the sector has an advantage as it can first design the front end and subsequently the back end, which is the reverse for legacy banks.

People are now willing to embrace technology-driven solutions, he said.

Digital payments in India have risen exponentially in the past few years.

In addition, cost of service delivery can be reduced substantially with the help of digital infrastructure, he said.

The Jan Dhan Yojana-Aadhar-Mobile, also known as 'JAM trinity', helped in pushing digital growth in the country, he added.

--IANS ad/rv/vd

( 216 Words)

2021-12-07-23:26:35 (IANS)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
SSV Ramakumar gets extension as Director...
CBSE ICSE Term 2/Semester 2 Boards: Addi...
TVS Motor Company acquires Switzerland's...
India has the potential to overtake Japa...
MX TakaTak partners with Nas Academy for...
Statue Grooming by Wild Stone: Great Men...
More...
 
INDIA WORLD ASIA
International Labour Organization hosts ...
Mystery over migratory birds' 'carcasses...
Slogans raised hailing Jayant Chaudhary ...
'It doesn't make sense,' says Kerala Cat...
BJP trying to polarise voters, would not...
BSF constable injured in encounter with ...
More...    
 
 Top Stories
Austin, German Defense Minister dis... 
'Urgent, renewed effort' needed to ... 
Biden says US authorities to fix al... 
US hasn't 'moved any troops' in res... 
Pakistan: Prices of petroleum produ... 
International Labour Organization h... 
Conflict with Russia 'is not inevit... 
Canada's COVID-19 cases surpass 3 m...