President of India Ram Nath Kovind has stated in a latest speech that banks have been a constant part of India's growth saga. As India aims to become a 5-trillion-dollar economy, the banking sector has to start preparing for the next big leap. India's future journey will be greatly helped if banks exhibit deeper reach and become more efficient. Banks have a significant role to play in ensuring that demographic dividend' is suitably leveraged. Schemes such as MUDRA and Stand-Up India are channelling funds to aspirational entrepreneur, he noted.
Banks have been at the forefront of adopting technology. Innovations such as faster settlement systems, internet banking and payment banks have made banking much easier for a customer. As custodian of public money, banks have significant fiduciary responsibility in the economy. They have to take all possible prudential measures to ensure that trust is not betrayed in any manner. Recent proposal to enhance Deposit Insurance Coverage from Rs 1 lakh to Rs 5 lakh is a positive step in the direction of assuring savers.
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