Mysuru: “Traditional banks should  advocate Financial Technology (FinTech) to keep pace with latest advancements,” opined N.S. Vishwanathan, Deputy Governor, Reserve Bank of India (RBI).

He was delivering the address at the 23rd Convocation of Sri Dharmasthala Manjunatheshwara Institute for Management Development (SDMIMD) held at its campus here last evening.

Vishwanathan observed that mobile banking and app-based payments have become very popular which indicate that 41% users make payments through FinTech. He added that digitisation decreases transaction cost in the banking sector. He indicated that India was second only to China regarding active FinTech users.

S.S. Nidhi topped the list of gold medallists bagging three followed by B.C. Sachidev, Vimal Ullas Mangeshkar, Sheri Miriam John, Ziaulla Sheriff and Neha Gupta bagging one each.

Certificates were distributed to 157 candidates who have passed the PGDM courses.

SDMIMD Chairman Dr. D. Veerendra Heggade presided.

Director Dr. N.R. Parasuraman, Manager (Administration) C.V. Sridhar and others were present.