Banks need to strike balance for economic progress: President Murmu

President Droupadi Murmu said that banks need to strike the right balance between creation of assets and protecting people’s money to ensure economic progress. She was speaking at an event of UCO Bank in Kolkata.

President Droupadi Murmu on March 28 said that banks need to strike the right balance between creation of assets and protecting people's money to ensure economic progress.

Speaking at an event of UCO Bank in Kolkata, the President said if this balance is disturbed, there will be a problem, which could upset the development process.

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"The first responsibility of banks is to protect people's money. The other important aspect of banks is creation of assets. This balance has to be maintained, and if disturbed, there will be an economic problem,” Ms. Murmu said.

Stating that she belongs to a family of bankers, the President said fintech has done an enormous job during the COVID-19 pandemic for settling transactions.

"Fintech has helped in forging social equity. UPI [Unified Payments Interface] has also helped in building the digital infrastructure of the country and in settling transactions during the pandemic years,” she said.

The President virtually inaugurated 50 branches of UCO Bank across 18 States in the country.