Tech Crucial To Reshape Financial Services: Sridhar
“There was a time when banks were merely associated with deposits and withdrawals. However, that definition has significantly evolved”: IT and industries minister Duddilla Sridhar Babu
HYDERABAD: Technology is revolutionising the way banks serve their customers, marking a significant transformation in financial services across Telangana and India, state IT and industries minister Duddilla Sridhar Babu observed while inaugurating a branch of a cooperative bank at Ameerpet on Sunday.
“There was a time when banks were merely associated with deposits and withdrawals. However, that definition has significantly evolved,” he remarked, emphasising how digital advancements have expanded the scope and accessibility of banking.
Sridhar Babu highlighted the vital role cooperative banks play in the national economy, particularly in reaching marginalised and underserved communities. Referring to the Reserve Bank of India’s Annual Report 2024, he noted that over 85 million Indians now use cooperative banking services, with total deposits and advances exceeding Rs 5.5 lakh crore.
Focusing on Telangana, the minister shared that 48 Urban Cooperative Banks operate through 321 branches in urban and semi-urban areas, achieving a business turnover of Rs 17,000 crore in the previous financial year. These banks maintain a robust credit-deposit ratio of 66.7%, with branches in Kukatpally, Malakpet, and Ameerpet being especially active.
Underlining Telangana’s innovative approach, Sridhar Babu introduced the state government’s P.A.T.H. framework—Policy Support, Access to Digital Tools, Training and Capacity Building, and Hybrid Finance Ecosystems. This initiative empowers cooperative banks to offer community-focused financial products such as self-employment loans for youth and disadvantaged groups, financial support for women’s self-help groups, and environment-friendly green loans.
He elaborated that cooperative banks prioritise community welfare over profit, abiding by the CARE philosophy: Community-focused, Affordable & Accessible Credit, Relationship-based banking, and Empowering Local Entrepreneurs.
