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Sitharaman asks banks to become more tech-savvy

NEW DELHI: Finance Minister Nirmala Sitharaman on Friday exhorted the banks to build a system so that they can communicate with each other to provide better services to the customers

Speaking at the 75th annual general meeting of the Indian Banking Association, she said the use of technologies helps in bringing efficiencies in the system and also in the detection of banking frauds.

“Use of Web3, data analysis, Artificial Intelligence, deep dive into data — all of these should have some coordination by the IBA. Leveraging AI should be an immediate priority for the banks, especially in fraud detection and generating early warning signs about something going wrong,” Sitharaman stated.

Emphasizing the importance of the cyber network, Sitharaman asked the bankers whether they have adequate firewalls and other protections to check on activities like hacking etc. She also highlighted the need for using the local language with the customers, considering the diversity of the country.

“Please review the people getting posted at branches, people who cannot speak the local language should not be assigned to roles dealing with customers. You must have a lot more sensible ways of recruiting people,” the minister added.