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Technology will soon turn banking premise-less, paper-less: PM Modi

Banking in India in the near future will be ‘‘premise-less and paperless” driven by the latest technology, even reaching out to the far flung rural pockets of the country.

This will turn possible as the government’s plans of reshaping the country’s banking sector will take shape, said Prime Minister Narendra Modi on Monday.

PM said that government has pulled off a series of banking reforms i.e. re-capitalisation of PSU banks, change in rules for hiring top management and curbing black money from the system, on mobile banking.

According to the Prime Minister, soon the currency printing cost will come down in the country, and stressed on the need for banks to tap the immense potential in the rural areas of the country through mobile banking.

To improve the balance sheet of the weaker banks, government would be infusing Rs. 70,000 crore in the PSBs in the next few years, added the Prime Minister.

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