Daijiworld Media Network - Mumbai

Mumbai, Sep 25: Finance minister Nirmala Sitharaman, speaking at the Bank of Maharashtra’s 91st Foundation Day in Pune, commended Indian banks for their remarkable resilience and contribution to the nation’s economic strength, particularly amid global volatility.

Highlighting the sector’s role in sustaining India’s economic momentum, Sitharaman said, “In both macroeconomic indicators and broader economic performance, Indian banks have truly stood out.” She referred to the country's robust 7.8% GDP growth in the April-June quarter as a sign of this enduring strength.

The Finance Minister praised India’s digital banking ecosystem, specifically the Unified Payments Interface (UPI), which she noted has gained international recognition. “The IMF has cited UPI’s interoperable framework as a model for global digital transactions,” she said.

However, Sitharaman cautioned that technology alone isn't the answer. “Digitalisation is essential, but it must be complemented by integrity, empathy, and human judgment,” she stated, underscoring the need for a balance between innovation and human-centric service.

Banks, she added, are more than just financial institutions—they are key drivers of progress. “They don’t just safeguard savings, they empower businesses and individuals to face economic challenges and innovate for the future.”

She also placed a strong emphasis on customer trust, noting that every grievance should be treated as a chance to improve. “Grievance redressal must involve root cause analysis and systemic correction to ensure recurring issues are eliminated,” Sitharaman urged.

The event was attended by top officials, including M. Nagaraju, Secretary of the Department of Financial Services, and comes at a time when Indian banks are playing a critical role in fueling growth, ensuring financial inclusion, and setting global benchmarks in fintech.