{"id":19658,"date":"2020-09-04T12:38:47","date_gmt":"2020-09-04T12:38:47","guid":{"rendered":"https:\/\/bengalnewstimes.com\/?p=19658"},"modified":"2020-09-04T12:38:47","modified_gmt":"2020-09-04T12:38:47","slug":"digital-india-with-banking-moving-online-fintech-to-be-way-forward-for-banks-payment-system-says-sbi-md","status":"publish","type":"post","link":"https:\/\/bengalnewstimes.com\/?p=19658","title":{"rendered":"Digital India: With banking moving online, fintech to be way forward for banks, payment system, says SBI MD"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"article-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" class=\"lazy lazy-hidden wp-image-2074210 size-full\" data-lazy-type=\"image\" src=\"https:\/\/images.financialexpress.com\/2020\/09\/bank-660.jpg\" alt=\"\" width=\"660\" height=\"440\" srcset=\"\" sizes=\"auto, (max-width: 660px) 100vw, 660px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"lazy lazy-hidden wp-image-2074210 size-full\" data-lazy-type=\"image\" src=\"https:\/\/images.financialexpress.com\/2020\/09\/bank-660.jpg\" alt=\"\" width=\"660\" height=\"440\" srcset=\"\" sizes=\"auto, (max-width: 660px) 100vw, 660px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2074210 size-full\" src=\"https:\/\/images.financialexpress.com\/2020\/09\/bank-660.jpg\" alt=\"\" width=\"660\" height=\"440\" srcset=\"https:\/\/images.financialexpress.com\/2020\/09\/bank-660.jpg 660w, https:\/\/images.financialexpress.com\/2020\/09\/bank-660-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2020\/09\/bank-660-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2020\/09\/bank-660-401x267.jpg 401w, https:\/\/images.financialexpress.com\/2020\/09\/bank-660-440x293.jpg 440w, https:\/\/images.financialexpress.com\/2020\/09\/bank-660-80x54.jpg 80w, https:\/\/images.financialexpress.com\/2020\/09\/bank-660-313x209.jpg 313w\" sizes=\"auto, (max-width: 660px) 100vw, 660px\"\/><\/noscript><\/noscript><span class=\"article-caption\"><a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/state-bank-of-india-stock-price\/\" rel=\"noopener noreferrer\">SBI<\/a> managing director Ashwani Bhatia said that the fintech sector has a lot of growth potential and opportunity as is evident from the example of the <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/state-bank-of-india-stock-price\/\" rel=\"noopener noreferrer\">State Bank of India<\/a> itself.<\/span><\/figure>\n<\/div>\n<p><span style=\"font-weight: 400;\">As more and more banking related processes go digital, fintech is expected to be the way forward for Indian banking sector and payments system. SBI managing director Ashwani Bhatia said that the fintech sector has a lot of growth potential and opportunity as is evident from the example of the State Bank of India itself. The bank currently gets 91% of jobs done digitally now. The same would have been unimaginable 35 years ago, Ashwani Bhatia said. \u201cWe believe that this 91% will become 100%. For a bank like State Bank of India, and other banks obviously, everything is going to move digitally. There is no doubt about that. Penetration of smartphones is also going to increase,\u201d he said at a virtual conference organised by the Confederation of Indian Industry (CII).<\/span><\/p>\n<p><b>Future for bank branches<\/b><\/p>\n<p><span style=\"font-weight: 400;\">With banks going digital, branches will merely serve the purpose of distribution points just the way they do in Europe countries and other countries. \u201cI am sure as we evolve, and we will evolve very very fast. Fintech is the way forward as far as the Indian banking system is concerned and the payment system is concerned,\u201d Ashwani Bhatia said adding that this is where the opportunities lie.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fintech refers to companies or services that use technology to offer financial services to businesses and consumers. Banks and fintech will co-exist to drive the ecology of money, <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/bandhan-bank-ltd-stock-price\/\" rel=\"noopener noreferrer\">Bandhan Bank<\/a> managing director Chandra Shekhar Ghosh, who also attended the virtual event, said. They will co-exist because each offers something that is unique to it and customers will need both of them to get the best value.<\/span><\/p>\n<p><b>Catering to various Indian markets\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Stating that India is not one market but a sum of various small markets, Chandra Shekhar Ghosh said that Fintech companies have to develop products for each segment rather than one consolidated item.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, the coronavirus pandemic has provided a major push to digital payments adoption and it is also expected to register significant growth even after COVID-19 is over.<\/span><\/p>\n<div class=\"common-bottom-text\">\n<p>Get live <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">Stock Prices<\/a> from <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/s-p-bse-sensex-stock-price\/\" target=\"_blank\" rel=\"noopener noreferrer\">BSE<\/a>, <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nifty-50-stock-price\/\" target=\"_blank\" rel=\"noopener noreferrer\">NSE<\/a>, <a href=\"https:\/\/www.financialexpress.com\/investing-abroad\/\" target=\"_blank\" rel=\"noopener noreferrer\">US Market<\/a> and latest NAV, portfolio of <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">Mutual Funds<\/a>, calculate your tax by <a href=\"https:\/\/www.financialexpress.com\/income-tax-calculator\/\" target=\"_blank\" rel=\"noopener noreferrer\">Income Tax Calculator<\/a>, know market\u2019s <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-gainers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Gainers<\/a>, <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-losers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Losers<\/a> &amp; <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/equity-funds\/\" target=\"_blank\" rel=\"noopener noreferrer\">Best Equity Funds<\/a>. Like us on <a href=\"https:\/\/www.facebook.com\/thefinancialexpress\" target=\"_blank\" rel=\"noopener noreferrer\">Facebook<\/a> and follow us on <a href=\"https:\/\/twitter.com\/FinancialXpress\" target=\"_blank\" rel=\"noopener noreferrer\">Twitter<\/a>.<\/p>\n<p class=\"telegram-text\"><img loading=\"lazy\" decoding=\"async\" class=\"telegrma_img\" src=\"https:\/\/images.financialexpress.com\/2020\/04\/telegram.png\" alt=\"\" width=\"24\" height=\"24\" style=\"margin: 0px 5px 4px 0px; float: left;\"\/>Financial Express is now on Telegram. <a href=\"https:\/\/t.me\/TheFinancialExpressOnline\" target=\"_blank\" rel=\"noopener noreferrer\">Click here to join our channel<\/a> and stay updated with the latest Biz news and updates.<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\\\"https:\/\/www.financialexpress.com\/industry\/banking-finance\/digital-india-with-banking-moving-online-fintech-to-be-way-forward-for-banks-payment-system-says-sbi-md\/2074925\/\\\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SBI managing director Ashwani Bhatia said that the fintech sector has a lot of growth potential and opportunity as is evident from the example of the State Bank of India itself. As more and more banking related processes go digital, fintech is expected to be the way forward for Indian [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19659,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[36],"tags":[],"class_list":["post-19658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-business"],"jetpack_featured_media_url":"https:\/\/bengalnewstimes.com\/wp-content\/uploads\/2020\/09\/bank-660.jpg","_links":{"self":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/19658","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19658"}],"version-history":[{"count":0,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/19658\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/media\/19659"}],"wp:attachment":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}