Public sector banks in India are stepping up their game, ready to fuel the country’s push towards a developed nation by 2047, known as ‘Viksit Bharat 2047’. A senior government official shared this exciting update at a key event in Gurugram.
M Nagaraj, Secretary of the Department of Financial Services, spoke at the two-day ‘PSB Manthan 2025’ programme. He said PSBs have left behind tough times of just surviving and stabilizing. Now, they’re set to lead growth, spark innovation, and drive leadership in India’s big transformation journey.
“We’ve gone past survival and stability. PSBs are now champions of growth and innovation on the road to Viksit Bharat 2047,” Nagaraj declared.
The event, organized by the Department of Financial Services, gathered top leaders from public sector banks, regulators, tech experts, industry pros, and academics. Discussions covered hot topics like boosting customer experience, sharpening governance, driving smart innovation, ensuring steady credit growth, handling risks, preparing the workforce, and upgrading tech systems.
Experts pushed PSBs to rethink how they serve customers in this digital age. They called for simpler processes, smooth services, and stronger trust to keep users happy and loyal.
Big names joined the talks, including RBI Deputy Governor Swaminathan J., Chief Economic Adviser Dr. V. Anantha Nageswaran, former SEBI Chairman M. Damodaran, and ex-RBI deputy governors and SBI chairmen.
A major focus was on technology transformation for public sector banks. Speakers urged them to ditch old systems and switch to flexible, connected platforms that link up with India’s digital public infrastructure. They also highlighted building tough cyber defenses and using Artificial Intelligence wisely, with safeguards to tackle risks.
Collaboration took center stage too. PSBs should team up with fintech companies, universities, and global players to speed up new ideas and innovations.
On the growth front, PSBs need to build on their strengths in areas like agriculture, MSMEs (micro, small, and medium enterprises), housing, and infrastructure. At the same time, they should champion emerging sectors such as renewable energy, electric mobility, semiconductors, shipbuilding, and green hydrogen.
The message was clear: PSBs must aim to become world-class banks. They should support Indian businesses expanding abroad and compete with the best global financial institutions.
This push shows how public sector banks are evolving to play a vital role in India’s economic story.
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