Mumbai: Financial inclusion must extend beyond opening bank accounts and enabling digital payments to ensure access to affordable credit, insurance and pension coverage, particularly for rural households, women and small entrepreneurs, said Jishnu Dev Varma, Governor of Maharashtra, at the 21st Annual Summit & Awards of the ASSOCHAM National Council for Banking and Financial Sector Lending Companies in Mumbai on Friday. Held under the theme “Resilience, Reinvention and India’s Rise,” the summit brought together policymakers, banking leaders and industry stakeholders to discuss the role of financial institutions in supporting India’s growth ambitions.
The summit focused on the priorities shaping India’s banking and financial services sector, including financial inclusion, specialised lending, digital transformation and responsible innovation. Discussions also examined how banks, NBFCs and fintech companies can strengthen credit delivery, support emerging industries and build a more resilient financial ecosystem as India progresses towards its ambition of becoming a developed nation by 2047.
Addressing the gathering, Jishnu Dev Varma, highlighted the role of financial institutions in advancing inclusive growth. He said, “Banks and financial institutions are not merely providers of loans and financial services; they are partners in nation-building. Financial inclusion must go beyond opening bank accounts and enabling digital payments to ensure access to affordable credit, insurance and pension coverage, particularly for rural households, women and small entrepreneurs. As technology reshapes banking, we must build a financial system that is stable, innovative and inclusive, where credit reaches productive sectors, technology serves people and financial opportunities extend to every section of society.”
Highlighting the banking sector’s contribution to India’s long-term economic ambitions, Atul Kumar Goel, Chief Executive, Indian Banks Association, said, “India’s banking and financial services sector can be the catalyst for achieving the vision of a USD 30 trillion economy by 2047. To support this ambition, the sector must focus on unlocking growth, driving productivity, achieving digital maturity and building resilience. Strengthening financing for emerging sectors such as renewable energy, semiconductors and MSMEs, leveraging AI to improve operational efficiency, advancing digital public infrastructure and embedding cybersecurity across financial products will be critical to this journey.”
Nirmal K. Minda, President, ASSOCHAM, highlighted the financial sector’s contribution to India’s development and the need to ensure that innovation is supported by strong governance and responsible lending. He said, “India’s banking and financial sector has shown remarkable resilience and adaptability over the last decade. As India moves towards becoming a developed nation, banks, NBFCs and financial institutions will play a vital role in supporting infrastructure, MSME growth, manufacturing, housing, agriculture and emerging enterprises while ensuring inclusive and sustainable growth. As digitisation, fintech and artificial intelligence transform financial services, trust, transparency, strong governance, cybersecurity and responsible lending must remain the foundations of a strong and reliable financial system.”
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