Inclusive Credit Strategies Launched with BAANKNET and DBCP

DFS Secretary M Nagaraju stressed the importance of inclusive credit strategies for the unbanked at the PSB Alliance Annual Strategy Meet 2026. Launching the BAANKNET app and DBCP, Nagaraju highlighted their potential to enhance bank operations and transparency, while expanding access to digital lending solutions for smaller banks.

On Monday, the Department of Financial Services (DFS) Secretary, M Nagaraju, spotlighted the urgency of inclusive credit schemes targeting the unbanked populace. At the PSB Alliance Annual Strategy Meet 2026, Nagaraju introduced the BAANKNET mobile app and the Digital Balance Confirmation Platform (DBCP), envisioning significant advancements in banking operations.

He recommended that the PSB Alliance widen their shared service ecosystem and offer standardized digital lending avenues to smaller banks, facilitating cost savings. BAANKNET, already acclaimed for structuring and clarifying the banking auction space, gains a mobile app, making verified bank property access national and dynamic.

The new DBCP signifies a crucial move towards audit efficiency and transparency by eliminating manual procedures. Nagaraju, previously at a post-budget CII event, spotlighted India's low credit-to-GDP ratio, advocating for enhanced credit access, larger bank operations, and strengthened financial capacities, recognizing NBFCs' role in funding a 'Viksit Bharat' by 2047.

(With inputs from agencies.)