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Banking sector crucial to India’s growth story: President Murmu – Tamil News | Online Tamilnadu News | Tamil Cinema News | Chennai News | Chennai Power shutdown Today
President Droupadi Murmu on Tuesday highlighted the pivotal role of the banking industry in India’s economic growth while addressing the 120th foundation day celebrations of City Union Bank in Chennai, Tamil Nadu.
Speaking at the event, the President said India is among the fastest-growing large economies in the world and the banking sector has been central to its growth journey. “The role of banks has expanded beyond financial transactions. They are not just custodians of wealth but providers of diverse financial services, instrumental in driving inclusive and sustainable development,” she observed.
Underscoring the importance of financial inclusion, President Murmu said that ensuring access to affordable financial services for every citizen is a critical pillar of national development. She lauded City Union Bank for contributing towards the country’s goal of universal financial inclusion, particularly in rural and semi-urban areas where access to formal banking remains limited.
She noted that banks and fintech companies are increasingly bridging gaps through mobile applications, micro-loans, insurance products, digital wallets, and banking correspondents, taking services to the doorsteps of underserved communities. However, she also pointed out challenges such as low digital literacy, poor internet connectivity, and limited financial awareness, stressing the need for collaborative efforts to integrate people into the formal banking system.
The President further emphasised the need for the banking sector to prioritise the empowerment of farmers and the rural economy by providing timely and affordable credit, enhancing financial literacy, and supporting agri-tech initiatives. She said banks also have a vital role in strengthening Micro, Small and Medium Enterprises (MSMEs), turning them into engines of growth, while extending support to marginalized sections such as daily wage earners and migrant workers.
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