Sat, 17 Sep 2022 06:33 PM IST
Union Finance Minister Nirmala Sitharaman speaking at the 75th Annual General Meeting of the Indian Banks' Association on Friday said that the banks should appoint those staff who are able to speak 'local language'. With this, Sitharaman also said that banks should provide people an equal opportunities to people during the process of recruitment.
"You are there for doing business. You are not there to cultivate certain value systems into the citizens," the Union Finance Minister said during the event, the Hindu reported.
According to the Finance Minister, this move was important because of the 'diversity' India. Further, the Union Finance Minister also emphasised on the fact that the banks should review those people who are posted at different branches and ensure that people who are unable to have a conversation in local language "should not be given roles which include dealing with customers in the bank".
"You must have a lot more sensible ways of recruiting people," Sitharaman added.
Sitharaman also asked banks to become more tech-savvy and should think of using Web3 and Artificial Intelligence (AI) technology in order to detect any fraud case.
"Use of Web3, data analysis, Artificial Intelligence, deep dive into data - all of these should have some coordination by the IBA. Leveraging Web3 and AI should be an immediate priority for the banks, especially in fraud detection and generating early warning signs about something going wrong," the Finance Minister said.
As per Sitharaman, with the help of these technologies, detecting fraud and keeping track of money will become easier. Apart from that, Sitharaman also said that there is a need for digital upgradation in banks situated in rural areas.