Finance Minister Emphasizes Critical Role of Banking Sector in Viksit Bharat Vision

Finance Minister Nirmala Sitharaman emphasized the critical role of the banking sector in transforming India into a developed nation by 2047. Speaking at the 90th Foundation Day of the Bank of Maharashtra, she highlighted the need for strong infrastructure funding, digital security, and inclusion of unbanked populations.

Finance Minister Nirmala Sitharaman on Thursday stated that the banking sector must play a pivotal role in driving India's agenda to become a developed nation, also known as Viksit Bharat, by 2047.

Addressing the 90th Foundation Day of the Bank of Maharashtra, a public sector lender, she highlighted the crucial responsibilities banks must undertake. These include fueling infrastructure projects, providing need-based funding to MSMEs, expanding financial inclusion to unbanked populations, and bolstering insurance penetration.

Sitharaman emphasized the transformative impact of technology on banking, calling for robust cybersecurity measures to protect digital banking ecosystems. She also acknowledged the burgeoning global footprint of UPI, with 45% of all real-time digital payments worldwide occurring in India and operational in seven countries.

(With inputs from agencies.)