Revolutionizing Banking: Embracing Technology for Viksit Bharat

Financial Services Secretary M Nagaraju emphasizes the necessity for banks to adopt rapid technological changes and modernize their core systems at the IBA’s Annual Banking Technology Conference. Highlighting advancements like DPI and UPI, he outlines goals for financial inclusion, enhanced data governance, and risk management to achieve Viksit Bharat by 2047.

Banks must swiftly embrace technological innovations and modernize core systems, according to Financial Services Secretary M Nagaraju. Speaking at the IBA's Annual Banking Technology Conference, he stressed the importance of compliance and risk measures amid global challenges. The focus is on ensuring resilience and empowering financial inclusion.

Nagaraju highlighted the need for globally competitive banks and the expansion of insurance and pension coverage to realize the vision of Viksit Bharat by 2047. Innovations like JAM, UPI, and ONDC are shaping India's financial landscape, with AI/ML enhancing banking efficiency and customer service.

Emphasizing the critical task of improving data governance and management practices, Nagaraju pointed to the necessity of protecting against cybersecurity threats. The conference underscored the transformative power of technology, urging banks to remain vigilant and upskill staff to better serve customers.

(With inputs from agencies.)