(MENAFN- KNN India)
New Delhi, Jan 25 (KNN) financial Services Secretary M Nagaraju has called on banks to accelerate technological adaptation, modernise core systems, and prioritise compliance and risk management in an increasingly complex global financial landscape.
Speaking at the Indian Banks' Association's 20th Annual banking technology Conference, Nagaraju emphasised the critical importance of technological innovation in driving financial inclusivity and organisational resilience.
The financial services secretary highlighted India's transformative digital payment infrastructure, pointing to innovations like JAM (Jan Dhan-Aadhaar-Mobile), Unified Payments Interface (UPI), and Open Network for Digital Commerce (ONDC) as pivotal developments reshaping the nation's financial ecosystem.
These technological advancements have been instrumental in expanding financial access and creating more inclusive banking environments.
Artificial Intelligence and Machine Learning emerge as key strategic tools, with Nagaraju underscoring their potential to enhance banking efficiency and customer service.
He stressed the imperative of robust data governance and management practices, particularly in critical areas such as cybersecurity, fraud prevention, and risk mitigation.
The focus is on developing sophisticated technological capabilities that can effectively serve India's underpenetrated mass market.
Looking toward the vision of Viksit Bharat (Developed India) by 2047, the secretary outlined strategic priorities including scaling globally competitive banks, addressing credit gaps, and expanding insurance and pension coverage.
These objectives represent crucial steps in transforming India's financial infrastructure and supporting broader economic development goals.
RBI Deputy Governor T Rabi Sankar complemented these perspectives, emphasising the banking sector's need to maintain technological momentum.
He advocated for collaborative approaches to address emerging technological challenges, reinforcing the importance of continuous innovation and adaptive strategies.
The conference serves as a critical platform for India's financial sector leaders to discuss technological transformation, bringing together innovative minds to chart the future of banking.
As the financial landscape continues to evolve rapidly, the message is clear: technological agility, robust risk management, and customer-centric innovation are paramount for sustainable growth and resilience.
(KNN Bureau)
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