December 5, 2024
Finance Minister Statement For Banks | SBI to Open 500 New Branches Nirmala Sitharaman Announced
 #Finance

Finance Minister Statement For Banks | SBI to Open 500 New Branches Nirmala Sitharaman Announced #Finance


Finance minister um however I would want to say between 2014 and subsequently a step taken by the government in making Financial inclusion a very big effort in which

every Bank of course participated and as a result we were able to reach uh certain levels of financial inclusion with which you see the traction obtained by the economy just to recall the financial inclusion and formal identification was recognized as a problem even in 2008 but between 2011 and 21

the number of adults with an account in a formal financial institution doubled from 35% to 77% so the problem was recognized even in 2008 but the rapidity with which the inclusion happened is actually between the years 11 and uh 21 and the achievement has narrowed the gaps in financial access

between the rural and urban areas with this in our hand we can further plan for very many more things but Financial inclusion as you all would appreciate is not just about opening back bank accounts um it’s about ensuring access to Credit Insurance investment

opportunities for all and so on so with each one of these being on their own a significant element for our aspirations to become reality there’s so much work to be done we need to have the digital Financial inclusion uh as one of the very important goals so that costeffective digital means

can reach um everybody we need to continue to innovate ensure that every Indian no matter which part of the country he remains however remote the location becomes a part of the financial inclusion programs um the RBI had highlighted differences in digital adoption cyber security efforts and also

Mobile Banking application ratings across various groups and this presents a unique opportunity for public sector Banks to create Innovative secure inclusive digital solutions by investing in advanced technology strengthening cyber security Frameworks and making sure public sector Banks can set new

benchmarks in digital banking this particular branch which witnessed it all or which was the bank indeed itself has grown to becoming 22,500 branches and I understand now the five bran 500 branches are going to be opened in this year Financial year 25 so 23,000 branches today 65,000 ATMs 85,000

banking correspondents deposits are 24% 22.4% advances are 19% 5 CR plus customers 25% debit card spends 22% Mobile Banking transactions and 25% of UPI remitter Bank transactions and 29% ATMs in the country so if this is what is growth it should be a global record particularly in repeatedly called

a developing country in India a country country which is still emerging a country with huge population a country which is often taunted for Income disparities but this is the growth of the Premier Bank in India and today it is also a bank which is the only Bank from India in

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