President Droupadi Murmu has called on banks to intensify efforts toward achieving saturation in financial inclusion, describing it as a critical pillar of India’s development. Speaking at the 120th foundation day celebration of City Union Bank in Chennai, she emphasized that banks must ensure every citizen has access to affordable financial services.
She noted that India’s banking sector plays a pivotal role in the country’s growth story and that its responsibilities have expanded beyond financial transactions. In a developing economy where large populations reside in rural and semi-urban areas, banks must work to bridge gaps in access to formal banking.
The President commended City Union Bank for its progress in financial inclusion and highlighted the role of banks and fintech companies in offering mobile apps, microloans, and insurance products tailored for underserved communities. She acknowledged the impact of payment banks, digital wallets, and banking correspondents in delivering services to remote villages.
Despite progress, challenges remain in digital literacy, internet access, and financial awareness. She stressed that with coordinated efforts, these barriers can be overcome to better integrate citizens into the banking system.
Murmu stated that empowering farmers and the rural economy should be a priority for banks. Timely and affordable credit, financial literacy, and support for agri-tech initiatives can make agriculture more sustainable and profitable. She also urged banks to help transform MSMEs into engines of growth.
Special attention must be given to integrating daily wage earners and migrant labourers into the banking ecosystem. The President emphasized that banks must take proactive measures to support underprivileged and marginalized sections of society.
As India’s digital and knowledge-driven economy expands, banks have a crucial role in enabling digital transformation and entrepreneurship. From start-ups to smart cities, banks can become active partners in building a developed India.
