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Re-capitalization and other reforms initiated in banking sector


Prime Minister Narendra Modi on Monday said the government has initiated a series of banking reforms including re-capitalization of PSU banks, change in rules for hiring top management and paper-less transactions to curb the black money menace.

The Prime Minister said the entire banking sector is undergoing major transformation with the advent of latest technology.

“The banking sector is seeing changes. Mobile banking is coming up. Banking will be premises-less and paper-less,” he said at the launch of IDFC Bank here.


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