Banks must balance asset creation with protecting people’s money: President Murmu

President Droupadi Murmu on Tuesday suggested that banks need to balance the scales between asset creation and safeguarding people’s money to facilitate economic growth. While addressing at an UCO Bank event, the President stated that any disruptions in this balance will create problems and hinder the development of the nation.

“The first responsibility of banks is to protect people’s money. The other important aspect of banks is the creation of assets. This balance has to be maintained, and if disturbed, there will be an economic problem,” President Murmu said at the event.

While revealing that she hailed from a family of bankers, Murmu hailed the fintech sector for doing a tremendous job of settling transactions during the COVID-19 pandemic.

“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,” Murmu said.

A total of 50 branches of UCO Bank spanning 18 states across the country were virtually inaugurated by President Murmu.

Furthermore, the President virtually laid the founding stone to herald the reconstruction of a school in Odisha where she was once employed as a teacher.

(Information sourced from PTI)

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