FM Nirmala Sitharaman on Thursday emphasized that the banking sector will play a pivotal role in achieving the goal of transforming India into a developed nation (Viksit Bharat) by 2047.
Speaking at the 90th Foundation Day celebration of Bank of Maharashtra, a public sector bank, she highlighted the importance of banks in pushing forward the vision set by the Prime Minister.
“Banks will be instrumental in driving the agenda towards this vision, and through their efforts, we will add significant momentum to realizing this dream,” Sitharaman stated. She underscored the need for banks to boost the infrastructure sector, provide tailored funding to MSMEs, expand banking services to the unbanked population, and enhance insurance penetration across the country.
Sitharaman also pointed out the transformative impact of technology on banking, which is providing customers with secure and user-friendly digital experiences. However, she cautioned that the digital infrastructure must remain robust and secure. “A digital system that gets hacked could erode trust entirely. Therefore, banks must ensure strong firewalls and conduct regular emergency drills to handle any digital security incidents effectively,” she stressed.
Furthermore, the minister noted the growing dominance of UPI (Unified Payments Interface) in digital payments, revealing that 45% of global real-time digital transactions now occur in India. She also mentioned that UPI has been successfully launched in seven countries.
