Union Finance Minister Nirmala Sitharaman, at the 90th-anniversary event of the Bank of Maharashtra in Pune, lauded India’s achievements in the FinTech sector, specifically highlighting the success of UPI, which now facilitates 45% of global digital payments. She emphasized that digital platforms like UPI transcend borders, urging banks to leverage this transformative technology for deeper growth opportunities.
During her speech, Sitharaman reiterated Prime Minister Narendra Modi’s vision of a developed India, or viksit bharat, by 2047, outlining three essential pillars: economic growth, social progress, and environmental sustainability. She noted that robust banking systems are integral to driving this agenda, stressing the importance of digital banking and its rapid expansion.
Sitharaman commended the Bank of Maharashtra for its impressive track record, particularly its significantly low NPA levels compared to the national average, and highlighted how digital banking is revolutionizing India’s financial landscape. The bank’s gross NPA as of March 2024 stood at 1.88%, well below the public sector average of 3.48%, with a net NPA of 0.2%.
While praising the benefits of technology adoption in the banking industry, Sitharaman also warned of the growing need for risk mitigation strategies, urging banks to strengthen digital systems and enhance fraud detection mechanisms.
The event also saw the participation of M Nagaraju, Secretary of the Department of Financial Services, and Nidhu Saxena, MD and CEO of Bank of Maharashtra.
