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April 12, 2019

Vice President Naidu Addresses 125th Foundation Day Celebrations of Punjab National Bank.

Punjab National Bank

Photo: The Vice President, M. Venkaiah Naidu, addressing the gathering at the 125th Foundation Day celebrations of the Punjab National Bank, in New Delhi on April 12, 2019.

Punjab National Bank

Photo: The Vice President, M. Venkaiah Naidu, releasing the Coffee Table Book, at the 125th Foundation Day celebrations of the Punjab National Bank, in New Delhi on April 12, 2019.

New Delhi, 12 April 2019 — The Vice President of India, M. Venkaiah Naidu, has said that financial inclusion and inclusive development are the needs of the hour. He stated that growth held no meaning until its benefits reached the most deprived groups of people. He was addressing the gathering at the celebration of the 125th Foundation Day of the Punjab National Bank (PNB), here today.

The Vice President paid rich tributes to Lala Lajpat Rai, one of the most prominent and inspirational leaders of India’s struggle for independence and felicitated the members of his family.

Mr. Naidu called for systemic reforms in the Indian banking sector in light of mounting Non-Performing Assets (NPAs). He spoke of the need to have an effective and efficient system of checks and balances in place so that nobody can take advantage of the loopholes in the system.

The Vice President said that India’s financial institutions had been commended globally for being resilient and for having withstood global downturns and recessions well. He opined that banks were no longer just about big lockers and a good interest rate on deposits. ‘They have transcended their conventional mandates and are now at the forefront of India’s development story,’ he added.

Saying that banks played a central role in India’s quest for financial inclusion and inclusive growth, he expressed his firm belief that India’s banking sector was poised for robust expansion as the rapidly advancing business and commerce in India would turn to banks for credit and other financial services. He cited several factors such as the upwardly mobile middle class and the digital revolution as the thrust factors behind these growth prospects.

Citing the gains made by India in digital technologies for banking such as India’s Immediate Payment Service (IMPS), RuPay and the Unified Payment Interface (UPI), and the Bharat Interface for Money (BHIM), a mobile app based on UPI, the Vice President asked banks to harness digital growth further to scale up to the level of world-class businesses.

Source: Vice President’s Secretariat, New Delhi

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Edited & Posted by Surender Hastir | 11:37 AM | Link to this Post


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