Public sector banks key to 'Viksit Bharat 2047' vision
What's the story
The Ministry of Finance has identified public sector banks (PSBs) as key players in realizing the 'Viksit Bharat 2047' vision. The plan focuses on global competitiveness, inclusive growth, and leadership in emerging sectors. After a two-day conclave called PSB Manthan, the government said that discussions at the event set immediate priorities and outlined a long-term pathway for PSBs to become globally competitive institutions.
Growth champions
Financial services secretary emphasizes on global competitiveness
Financial services secretary M Nagaraju emphasized that PSBs are now ready to take a bigger role as growth, innovation, and leadership champions in the journey toward 'Viksit Bharat 2047.' He stressed the need for PSBs to aim for global competitiveness, improve governance, and operational resilience. The discussions also highlighted customer-centricity, tech-enabled process optimization, and continuous HR training to prepare employees for a rapidly changing banking environment.
Tech adoption
Recommendations for PSBs to adopt next-generation technologies
The conclave also stressed the need for process simplification, timely redressal of customer dissatisfaction, and seamless service delivery. Recommendations were made for PSBs to adopt next-generation technologies, build common infrastructure, or shared utilities. There was also a suggestion to design hyper-personalized products tailored to diverse customer needs. The event saw participation from PSB leadership, regulators, industry experts, academicians, and practitioners.
Sectoral support
PSBs should be key enablers of sunrise sectors
The conclave also stressed that PSBs should be key enablers of sunrise sectors such as renewable energy, electric mobility, green hydrogen, semiconductors, shipbuilding, and digital industries. It was further discussed that PSBs should aim to become globally competitive banks with the scale and presence to support Indian enterprises overseas. The goal is for them to stand alongside leading financial institutions worldwide.