Public Sector Banks need to move towards Banking as a Service model. Do you agree with this view? Explain (200 Words)
Refer - Business Line
Enrich the answer from other sources, if the question demands.
IAS Parliament 3 years
KEY POINTS
· Public Sector Banks (PSBs) need to increasingly connect or forge partnerships with technology partners and move towards the Banking as a Service (BaaS) model.
· This will allow banks to rapidly innovate and expand their product and service offerings through a collaborative partner ecosystem.
· This could happen by providing easy access to digital lending to SME (small and medium enterprises) with minimal paperwork;
· Digitalising agriculture lending by bringing in GIS (Geographic Information System) and other data intensive technology;
· It emphasised that PSBs can play a significant role in India’s quest towards truly Atmanirbhar (self-reliance) by ensuring a simplification of lending process to ensure credit delivery catering to all segments of the population, especially to the agriculture and manufacturing sectors.
· The Fourth Industrial Revolution will use Green Hydrogen & EV (carbon neutral fuels) is building on the digital revolution that has been occurring since the last four decades.
· “It is characterised by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.
· It is this interlinkage between an Industry 4.0 Model and Banking 4.0 model that we must constantly pursue in the future.
K.JEEVAN 3 years
Please review and give your valuable suggestions
Shivaani Jayaraman 3 years
Please review
IAS Parliament 3 years
Good attempt. Try to include data tosupport your argumnets. Keep Writing.
Sandy Singh 3 years
Pls review
IAS Parliament 3 years
Try to include data to support your answers. Keep Writing.
Sandy Singh 3 years
