New Delhi, Sept. 17 -- Union Minister for Finance and Corporate Affairs Nirmala Sitharaman exhorted banks to plan for the next 25 years, embracing digital, modern technologies to make India a developed nation by 2047.

While addressing the 75th Annual General Meeting of the Indian Banks' Association in Mumbai on Friday, Sitharaman urged the banks to use technologies such as Web3 and AI for the detection of fraud and generating early warning signals. She also asked banks to strengthen customer services.

She observed that the next 25 years which the Prime Minister refers to as Amrit Kaal have taken off very well, with the auspicious beginning of India becoming the fifth largest economy of the world.

"We have so much and more to do, the ba...