MUMBAI: Union finance minister P Chidambaram wants public sector banks to compete with each other in using technology to achieve the goal of financial inclusion.
“India has one of the strongest banking systems in the world. We want to make it even better to innovate and harness technology,” he said while inaugurating Union Bank of India’s (UBI) Technology Centre on Monday.
Mr Chidambaram said the public sector banks should provide opportunities for education to poor students by offering education loans. He said no student should be denied an opportunity to get access to education. The public sector banks have a vast pool of human resources and bankers are the finest human resources that can be assembled.
He said technology should be used to drive the growth of the banking sector. “We can drive financial inclusion faster than the traditional way of opening new branches and rope in customers,” he said, adding that technology alone can advance financial inclusion.
Union Bank of India chairman MV Nair said UBI planned to have all its 2,400 branches under core-banking solution network by March 2008 from the present 1,200 branches.
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