Daijiworld Media Network - Chennai
Chennai, Sep 2: President Droupadi Murmu on Tuesday called on the banking sector to take greater responsibility in achieving full financial inclusion, describing it as one of the most vital pillars of India’s development. Speaking at the 120th Foundation Day celebration of City Union Bank, the President highlighted the critical role banks play in ensuring that every citizen can access affordable and inclusive financial services.
She noted that financial inclusion is more than just expanding the reach of banks — it’s about empowering people, especially in rural and semi-urban areas where many still lack access to formal banking channels. Commending City Union Bank for its work in this area, she said such efforts contribute meaningfully toward the national goal of financial saturation.
President Murmu said the Indian economy, one of the fastest-growing globally, depends on a robust banking system. Banks today are not only custodians of wealth but also providers of diverse financial solutions that support sustainable and inclusive development.
She acknowledged the strides made through digital innovation, where fintech companies, payment banks, and mobile apps are bringing banking to the doorsteps of underserved communities. However, challenges persist — especially in digital literacy, internet access, and financial awareness — and she urged all stakeholders to work collectively to bridge these gaps.
The President also stressed that rural empowerment and support for agriculture must remain central to banking priorities. She encouraged banks to provide timely credit to farmers, support agri-tech, and make agriculture more sustainable and profitable. At the same time, she highlighted the potential of MSMEs as engines of economic growth and urged banks to offer stronger support to these enterprises.
Calling for special attention toward migrant labourers and daily wage earners, she said that financial services must become more accessible to marginalised groups. Inclusive policies and tailored outreach can help integrate them more fully into the formal economy.
Looking ahead, President Murmu underscored the importance of banking in India’s digital and knowledge-driven future — from supporting start-ups to enabling smart city development. She concluded by stating that the banking sector has a unique opportunity to become a true partner in building a developed and empowered India.