Arun Jaitley launches Paytm Payments Bank, vouches for digital payments

Friday, December 1, 2017

Finance Minister Arun Jaitley, during the inauguration of the Paytm Payments Bank on Tuesday, said the modern technology had changed the entire dynamics the way banking was done in the country. He said with the government’s continuous push towards digitalisation of the economy, the notion of cash being a predominant instrument was changing and that people were switching over to modern and better ways of doing things. He said those who embrace technology would move ahead and those who would fail to accept it would feel isolated.

“We all are realising that convenience, security and even proprietary lie in switchover itself. The conventional mind will find it extremely difficult to accept this, but then the whole mass below itself will change and only isolated cases will find them as an exception,” said the Finance Minister. He added: “Earlier, we perceived banks to be brick and mortar branches. In fact, my fraternity in politics is still reasonably behind times. I still get representations during Parliament session from my colleagues who only insist on brick and mortar branches to be opened in their constituencies.”

Photo courtesy of Highways England.

Source: Business Today (link opens in a new window)

digital payments, financial inclusion, fintech