Bank staff asking people to speak in particular language is a problem, says finance minister

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Union Finance and Trade Minister Nirmala Sitharaman has urged banks to appoint staff who must speak the local language

Union Finance and Trade Minister Nirmala Sitharaman has urged banks to appoint staff who must speak the local language

On Friday, Union Finance and Trade Minister Nirmala Sitharaman urged banks to be more digitally savvy and give immediate priority to the use of Web3 technology and artificial intelligence (AI) in detecting fraud and generating warning signs in the event of an unforeseen event.

She was addressing the 75th Annual General Meeting of the Association of Indian Banks in Mumbai.

“The use of Web3, data analysis, artificial intelligence, data deep diving – all of this should be coordinated by the IBA. Harnessing Web3 and AI should be a priority immediate for banks, especially in detecting fraud and generating early warning signs that something is wrong,” she said.

The minister said these technologies also have benefits such as detecting fraud, tracking money, detecting unusual transactions and alerting financial institutions and the government to suspicious changes.

Highlighting the importance of cyber protection, she asked banks if they were willing to have adequate firewalls. “Are you protected against hacking and Black Swan events bringing down your systems? »

Urging banks to appoint staff who must speak the local language, she said: “Be inclusive in your staff, in the way you talk to your customers. When you have staff who don’t speak the regional language and who ask citizens to speak in a particular language, you have a problem.”

“Please review the people assigned to branches, people who don’t speak the local language should not be assigned to customer-related roles. You need to have much smarter ways of recruiting people,” he said. -she adds.

She reported an incident when a bank official told a customer he did not understand Hindi.

Stressing the need for professionalism, the Minister of Finance said: “As we move towards greater professionalism of banks, we should realize the need for banks to defend themselves and raise their own capital.

“No fraudulent account will be left without being brought to justice, fraudsters have no place in their country, banks will not suffer from money taken away by fraudsters,” she said.

She also underlined the importance of technological upgrading of regional rural banks. “RRBs need a lot more help with digitization, sponsor banks need to pay more attention to RRBs, including getting them to the account aggregation framework and disbursing agricultural credit.”

The finance minister told banks that they should help customers meet their financing needs, with positive energy.

“You are in a better position now, you are not afraid to make decisions now. I want you to say now that you are ready for good business, that we are ready to serve you, to be proactive and to do let customers know you’ll meet them wherever they want and do business with them, keeping your standards intact.

The Minister of Finance said he was satisfied that the banks got out of their problems in the past and were able to defend themselves on their strengths.

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