President Droupadi Murmu Highlights the Importance of Financial Inclusion in India
On Tuesday, President Droupadi Murmu emphasized the vital role banks play in India’s development. Speaking at the 120th anniversary celebration of City Union Bank in Chennai, she urged banks to help achieve the country’s goal of reaching full financial inclusion. This means ensuring every Indian has access to affordable banking services, a key step toward a stronger, more inclusive economy.
The President highlighted that banking institutions are crucial for sustainable growth. They shouldn’t just handle transactions but also support the overall progress of the nation. She expressed confidence that banks like City Union Bank are actively contributing to the goal of financial saturation across India.
India’s economy is among the fastest-growing in the world. The banking industry has evolved beyond traditional banking services to include innovative offerings like microloans, digital wallets, and mobile banking. These services help make financial products accessible to everyone, including those in rural and semi-urban areas where many people still lack banking access.
President Murmu pointed out that despite progress, many challenges remain. Limited internet access, digital literacy, and financial awareness still restrict some people from using banking services fully. She stressed the importance of working together — banks, fintech companies, and government agencies — to improve digital literacy and reach underserved communities through technology.
She emphasized that empowering farmers and supporting rural economies should be priorities for banks. By providing timely and affordable loans, promoting financial education, and supporting agricultural technology, banks can help make farming more profitable and sustainable. Additionally, she called for stronger support to micro, small, and medium enterprises (MSMEs), which are vital drivers of growth in India.
President Murmu also highlighted the need for banks to serve marginalized groups better. She encouraged efforts to include daily wage earners and migrant workers in formal banking systems, helping them access essential financial services.
Looking ahead, the President underlined the expanding role of banks in India’s digital economy. From assisting startups to developing smart cities, banks can be key partners in creating a modern and prosperous India. She called on financial institutions to play an active part in turning India into a developed nation through innovation, inclusion, and entrepreneurship.
This speech underscores the importance of financial inclusion as a foundation for India’s growth and the pivotal role banks will continue to play in building an inclusive and sustainable future for all Indians.
