Union Finance Minister Nirmala Sitharaman, while highlighting India's success in the FinTech sector, said that India’s UPI drives 45 per cent of global digital payments and stated that no borders are big enough or strong enough to restrict the reach of the digital economy. Speaking at the 90th anniversary celebration of the Bank of Maharashtra (BOM) at Hotel JW Marriott in Pune on Thursday, Sitharaman praised UPI as a transformative innovation, urging banks to explore deeper opportunities. Underscoring Prime Minister Narendra Modi’s vision to achieve the goal of viksit bharat (developed India) by 2047, Sitharaman outlined the three pillars — economic growth, social progress, and environmental sustainability, emphasising the crucial role of robust banking support in driving this agenda. “The banks will have to play a crucial role in driving the agenda, and through their role, we can give greater momentum towards this goal. UPI is spreading its wings and you can thrive along with them,” she said. Addressing the audience, Sitharaman applauded the Bank of Maharashtra’s sustained contributions over the past 90 years, highlighting its role in supporting India’s economic growth. She praised the BOM's performance, particularly its low NPA rates, and noted how digital banking was reshaping the Indian financial landscape. "The bank’s gross NPA as of March 2024 stands at 1.88 per cent, significantly lower than the public sector average of 3.48 per cent, and the net NPA has declined to 0.2 per cent, compared to the public sector average of 0.76 per cent," she said. She stressed that while technology was transforming the banking landscape, banks need to focus on robust digital systems and strong firewalls to protect customers' trust. "I've spoken about technology adoption, but adoption for risk mitigation is a crucial feature. As you benefit from technology, you need to periodically learn to mitigate your risks and improve customer service, credit assessments, and fraud detection using technology," Sitharaman added. Along with Sitharaman, M Nagaraju, Secretary of the Department of Financial Services, and Nidhu Saxena, MD and CEO of Bank of Maharashtra, also attended the anniversary celebration.
