Financial Inclusion Must Extend Beyond Bank Accounts, Says Maharashtra Governor
Addressing the 21st Annual Summit and Awards of the ASSOCHAM National Council for Banking and Financial Sector Lending Companies, Varma said financial institutions must support inclusive growth by directing credit towards productive sectors and ensuring that technology benefits all sections of society.
The summit, held under the theme “Resilience, Reinvention and India’s Rise”, discussed financial inclusion, specialised lending, digital transformation and responsible innovation in the banking and financial services sector.
Indian Banks Association Chief Executive Atul Kumar Goel said the sector would play a key role in achieving India’s ambition of becoming a USD 30 trillion economy by 2047.
He stressed the need to finance emerging sectors such as renewable energy, semiconductors and micro, small and medium enterprises (MSMEs), while improving digital capabilities and cybersecurity.
ASSOCHAM President Nirmal K. Minda said banks, non-banking financial companies (NBFCs) and other financial institutions had a crucial role in supporting infrastructure, manufacturing, housing, agriculture and MSMEs.
He emphasised that strong governance, transparency, cybersecurity and responsible lending must underpin technological innovation.
Manish Jain, Co-Chairman of the ASSOCHAM National Council for Banking and Executive Director of YES Bank, called for specialised lending to emerging sectors, including green hydrogen, semiconductors, space technology and electric mobility.
He said bridging the estimated Rs. 30 trillion MSME credit gap would require digital underwriting, ecosystem-based financing and greater integration of small businesses into global value chains.
The summit also saw the release of the ASSOCHAM–EY Knowledge Report and honoured awardees from the banking and financial sector lending industry.
ASSOCHAM Secretary General Saurabh Sanyal called for greater cooperation among the government, regulators and industry to strengthen financial inclusion and build a resilient financial ecosystem.
