Banking Sector Key to India’s Growth Story: President Murmu
At City Union Bank’s 120th Foundation Day, President Murmu stresses banks’ role in financial inclusion, rural growth, and digital India.
- President Murmu attends City Union Bank’s 120th Foundation Day in Chennai.
- Says banks are vital for India’s economic growth and inclusive development.
- Financial inclusion remains a critical pillar, especially for rural areas.
GG News Bureau
Chennai, 2nd Sept: President of India, Droupadi Murmu, on Tuesday graced the 120th Foundation Day celebrations of City Union Bank in Chennai, Tamil Nadu, highlighting the pivotal role of the banking sector in driving India’s economic growth and financial inclusion.
Banking Beyond Transactions
Addressing the gathering, President Murmu said India is among the fastest-growing large economies and stressed that banks today are more than custodians of wealth. “They are instrumental for inclusive and sustainable development,” she noted, underlining how banking services now encompass financial literacy, micro-loans, and digital solutions.
Push for Financial Inclusion
The President emphasised financial inclusion as a critical pillar of development, ensuring access to affordable financial services for all citizens, especially in rural and semi-urban areas. She commended City Union Bank’s contributions in expanding banking services to underserved communities.
Banks, Technology & Rural Empowerment
She further pointed to the role of banks and fintechs in advancing digital finance, through mobile apps, digital wallets, and payment banks that bring services to remote villages. However, she acknowledged challenges like low digital literacy and poor internet penetration.
Highlighting priorities, President Murmu called for empowering farmers, supporting agri-tech, extending affordable credit, and strengthening MSMEs as engines of growth. She urged banks to integrate daily wage earners and migrant labourers more effectively into formal banking.
Partnering in Developed India
“From start-ups to smart cities, there is a whole range of areas in which banks can help. Banks can become active partners in the making of a developed India,” the President concluded.
