The Hindu Business Line : Tech advancement a challenge to banks, says Maran

GREAT STRIDES: The Minister for Communications and IT, Mr Dayanidhi Maran, and Mr A.K. Purwar, Chairman, State Bank of India, releasing a commemorative stamp on the occasion of the bicentennial year celebrations of the bank in the Capital on Wednesday. — Kamal Narang

New Delhi , Aug. 31

THE Communications and IT Minister, Mr Dayanidhi Maran, on Wednesday said advancement in information technology and communication pose a great challenge to banks.

"Technology advancements in the area of communications and information technology constitute the greatest challenge to any bank," Mr Maran said at an event to mark 200 years of service of State Bank of India. Mr Maran also released a postal stamp to commemorate SBI's bicentenary year.

"I am sure, the State Bank of India, which has already taken a lead in this technological front, is far better placed than most banks to capitalise on the technological advancements," Mr Maran said.

The Minister said SBI has played a pivotal role in the economic and social development of India and the empowerment of the common man.

"While addressing the financial needs of a rapidly developing nation, the SBI had also been a trail-blazer in providing a whole gamut of new and innovative products and services for its customers, and in harnessing technology for their prompt and efficient delivery," Mr Maran said.

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