FM chairs special SLBC on Digital Banking

Dr Drabu suggests stepwise approach for smooth, inclusive transition

Jammu, December 21
Minister for Finance, Labour & Employment and Culture, Dr Haseeb A Drabu today said the concept of Digital Banking is not just about adopting technology in the existing banking system but to bring socio-economic change in the society. He said we should look beyond the technology and in a state like Jammu and Kashmir there are many important issues which need to be addressed before moving fully towards Digital Banking.
The Minister was addressing a special meeting of State Level Bankers Committee on Digital Banking held here today. The meeting was attended by Financial Commissioner Revenue, Lokesh Dutt Jha, Financial Commissioner Agriculture Production, Pramod Jain, Commissioner Secretary Finance, Navin Kumar Choudhary, Chairman J&K Bank Parvez Ahmad and Regional Director RBI Jammu N K Sahu.
The Finance Minister said J&K is having uncertain conditions and the transactional demand is very high especially in Kashmir. He asked the representatives of all the banks participating in the meeting to work out a strategy to get people into the process keeping in mind upgradation of required financial infrastructure. Trust between customers and the banks are very essential for stepping into digital banking completely. “Once we build the trust, it will surely encourage people for opting to online mode of payment,” he said adding we can easily reduce the cash transactions by evolving an effective mechanism. The Finance Minister stressed on involving institutions like Panchayats to be part of digital banking concept which will further help in building trust of the people in whole banking system. Dr Drabu asked the banks for making 100 digital Panchayats in 2017-18 so that the process could be then replicated in other Panchayats.
Dr Drabu asked the banks to exclusively work on Digital banking Awareness Programme and asked JK Bank to take lead in the whole movement as they are having maximum customers in the State. It is very important that the customers should link Aadhar with their bank accounts for better Aadhar compliance.

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