Jaya urges banks to join hands with govt for financial domain

Tamil Nadu chief minister J Jayalalithaa has asked the banks in the state to work with the government for implementing the electronic systems of various government organisations and the banks to meet the goals set by the government in near future and long-term.

Speaking at the special platinum jubilee celebrations of Indian Overseas Bank (IOB), she said that the state government would like to ensure that all the social security pensions were disbursed through banks. “The process has begun but needs to expand rapidly to cover all recipients,” she said.

A crucial dimension of the financial inclusion where the government welcomes the banks’ participation is in the payment mechanism, she said, urging the bankers to redouble their efforts to raise Tamil Nadu to the number one ranking in the financial domain.

She also asked the banks to work in tandem with the government to achieve the goals of the new industrial policy under consideration and the goals set for its Vision 2023. The government is now giving final touches to the industry-specific policies for various industries including automobiles, auto components, biotechnology, aerospace and renewable energy with special focus on solar power generation.

“We hope to achieve a 14 per cent growth in manufacturing. I appeal to the banks to work in tandem with the government to achieve the goals of the new industrial policy,” she said.

The disbursement of wages under the Mahatma Gandhi National Rural Employment Guarantee is also being handled completely through the banking system and the high-volume of pension, wage and scholarship payments in the state offers huge business opportunities for the banks.