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PM inaugurates IDFC Bank, talks of banking sector reforms

0.24257600_1445258531_pm-modi-at-launch-of-idfc-bank-1Prime Minister Narendra Modi formally launched IDFC Bank in New Delhi on Monday.

IDFC Bank, which received a universal banking licence, along with Bandhan Bank, from the Reserve Bank of India earlier this year, started its banking operations on October 1, 2015, with 23 branches, 15 of which are in Madhya Pradesh. It expects to take the number of its branches to 60 by the end of the current financial year.

Speaking at the inaugural ceremony, the Prime Minister said that the banking sector is soon going to achieve a boost in growth in rural areas, which would be similar to the escalation witnessed by the telecom sector years ago.

PM Modi appreciated IDFC for its prosperous journey of 18 years. He said that the bank is now taking on a more challenging role, as it expands into banking, primarily in the rural areas. He added that from helping to build infrastructure, the organisation is further developing to building lives as well.

“With the arrival of new technologies, the entire banking sector is on the verge of transformation. With this, the future of banking would not only be premise-less, but also paperless and currency-less. This would help curb black money,” the Prime Minister said.

He also talked about the reforms being undertaken by the Union Government in the banking sector, mainly in areas like senior appointments, creation of a bank board bureau, recapitalisation of banks, destressing of assets, empowering bank management through zero interference, creation of a framework of accountability through Key Performance Indicators (KPI) and reform of governance of banks.

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