 "Union Finance Minister Nirmala Sitharaman emphasizes banks’ vital role in achieving India’s 2047 development goals through sustainable growth and technology.")
Union Finance Minister Nirmala Sitharaman emphasized the vital role of the banking sector in achieving India’s goal of becoming a developed nation by 2047. Speaking at the 90th foundation day of the Bank of Maharashtra, she outlined key pillars for a prosperous India, including economic growth, social progress, environmental sustainability, and good governance. Sitharaman urged banks to enhance infrastructure, provide targeted funding to micro, small, and medium enterprises (MSMEs), and improve access to formal banking for unbanked populations. She highlighted the importance of technology in transforming banking and ensuring secure digital experiences for customers, reinforcing that robust systems are essential to maintain trust in the banking sector.
Union Finance Minister Nirmala Sitharaman emphasized the vital role of the banking sector in India’s ambition to become a developed nation by 2047 during a recent event in Pune. Speaking at the 90th foundation day of the Bank of Maharashtra, she laid out a vision for “Viksit Bharat,” which focuses on four core pillars: economic growth, social progress, environmental sustainability, and good governance.
Sitharaman urged banks to be an essential driver of this vision, stating that their proactive involvement is crucial for the progress outlined by the Prime Minister. She highlighted the need for banks to provide necessary funding to micro, small, and medium enterprises (MSMEs), which are key to India’s economic development. Furthermore, she called for efforts to integrate unbanked populations into the formal banking system and to extend insurance coverage to citizens, especially the economically weaker sections.
The Finance Minister also pointed out the transformative impact of technology on the Indian banking landscape. She stressed the importance of secure and user-friendly digital banking experiences, mentioning that banks must invest in robust and reliable digital systems. Any breach in security could undermine customer trust and the integrity of the banking system as a whole.
As India aims for a developed future, the banking sector’s contributions will be pivotal in reaching these ambitious goals.
Tags: Nirmala Sitharaman, Indian banking, Viksit Bharat, financial inclusion, digital banking, MSMEs, Bank of Maharashtra, infrastructure, insurance coverage
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What did FM Sitharaman say about banks helping India become a developed nation?
FM Sitharaman mentioned that banks play a vital role in supporting economic growth and development in India. -
How can banks contribute to the economy?
Banks can provide loans to businesses, support startups, and help finance infrastructure projects, which boosts job creation and overall economic activity. -
Why is it important for banks to focus on rural areas?
Focusing on rural areas helps in financial inclusion, allowing more people to access banking services, which can improve their quality of life and contribute to national growth. -
What role do digital banking and technology play in this initiative?
Digital banking and technology make banking services more accessible and efficient, helping people save time and encouraging financial literacy among customers. - How does the government support banks in this mission?
The government provides policies and incentives that help banks expand their reach, improve services, and promote economic development across the country.
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