New Delhi, Oct 20 (KNN)  The banking sector is poised to achieve a big boost in growth in the rural areas, its growth similar to that achieved by the telecom sector some years ago, said Prime Minister, Narendra Modi.

Speaking at the launch of the IDFC Bank here on Monday, the Prime Minister complimented IDFC for its successful journey of 18 years so far, and said that it was now embarking on a more challenging role, as it expands into banking, especially in the rural areas, according to an official release.

He said that from helping to build infrastructure, the organization is now progressing to building lives (jeevan-nirmaan). 

The Prime Minister said the entire banking sector is undergoing major transformation with the advent of latest technology, and the future of banking would not just be premises-less and paper-less, but also, eventually, currency-less, and this would help curb black money. 

He described the banking sector reforms being undertaken by the Union Government, especially in areas such as senior appointments, creation of a bank board bureau, re-capitalization of banks, de-stressing of assets, empowering bank management through zero-interference, creation of a framework of accountability through Key Performance Indicators, and reform of governance of banks. 

Union Minister for Finance, Arun Jaitley, and Union Minister of State for Finance, Jayant Sinha were present on the occasion. 
 
IDFC Bank, which received a universal banking license, along with Bandhan Bank, under the Guidelines on Licensing of New Banks in the Private Sector issued by the RBI in April 2014, commenced its banking operations on October 1, 2015, with 23 branches, 15 of which are in Madhya Pradesh. By the end of the current financial year, it expects to have 60 branches.  (KNN Bureau)