Prime Minister Narendra Modi on Monday said the government had initiated a series of banking reforms, including recapitalisation of public sector banks, change in rules for hiring top management and paperless transactions to curb the black money menace.
"The banking sector is seeing changes. Mobile banking is coming up. Banking will be premises-less and paperless," he said at the launch of IDFC Bank in Delhi.
Modi said India was slowly moving towards a situation where the currency printing cost would come down.
"We have to take the country in that direction. As we use technology, we move to paperless banking, currency-less business operations; the possibility of black money will gradually become negligible," he said.
The Prime Minister also listed out the seven-point agenda to improve operations of the state-owned banks. It includes capitalisation, setting up of Bank Board Bureau and introduction of a framework for accountability.
"We have decided to bring improvements in the appointments at the top levels of the banks. This improves efficiency," he said.
