Vice-Chairman of NITI Aayog Rajiv Kumar has pitched for a more dynamic supervision of the banking system and quicker corrective actions. Speaking to reporters in Mumbai today, Mr. Kumar said need of the hour is prudential processes and supervisory norms which are also digitally based.
Stating that the changes in digital technologies will completely transform the banking, finance and capital markets landscape, Mr. Kumar said there is a case for regulations to shift away from the “one size fits all” approach. He said India will soon have 900 million smartphone owners and added that the government may consider passing Employment Guarantee Act payments through direct benefit transfers.
He added that India should use digital technologies for lending as well so that there will not be any loan whose size will be small or a customer who is in a distant place.