'Bankers should think big to change rules'

Addressing the 6th BANKing TECH Summit of Confederation of Indian Industry (CII) here, Dr Chakrabarty said “.... There is a latent business opportunity here that Indian banking industry needs to leverage using affordable and appropriate technology.”

With technology reaching a crucial level of adoption in Indian banking industry, the summit focused on how technology can be an efficient enabler to tap available opportunities and face the existing challenges. He said banking in India has been more challenging than in the rest of the world as more than 50 per cent of people in the country do not have access to banking services.

To meet this challenge, Chakrabarty said, “We have to adopt technology using ‘click and mouse’ along with ‘brick and mortar’ model, while providing an interface between multiple delivery models. Unless we do that, hundred percent financial inclusion will not be achieved.”

He also stressed that the Business Correspondent (BC) model needs to be strengthened. Chakrabarty also urged  the banking industry to think big.