Financial Inclusion Must Go Beyond Accounts, ASSOCHAM Summit Flags ₹30 Trillion MSME Credit Gap

Mumbai: Financial inclusion must deliver affordable credit, insurance and pensions alongside banking access and digital payments, Maharashtra Governor Jishnu Dev Varma said at ASSOCHAM’s 21st Annual Summit and Awards on October 16.

Addressing banking and financial sector leaders, he called for greater support for rural households, women and small entrepreneurs, positioning financial institutions as partners in India’s development.

Financial Inclusion Beyond Bank Accounts

Dev Varma said technology should serve people while credit flows towards productive sectors. His remarks stressed the need to combine innovation with stability and ensure financial opportunities reach every section of society.

The Mumbai summit, themed “Resilience, Reinvention and India’s Rise,” examined specialised lending, digital transformation and responsible innovation as India pursues its developed nation ambition for 2047.

Banking Sector Eyes India’s Growth Ambitions

Indian Banks Association Chief Executive Atul Kumar Goel said financial services could help advance India’s ambition of becoming a $30 trillion economy by 2047.

He identified renewable energy, semiconductors and MSMEs as financing priorities. Artificial intelligence, digital public infrastructure and cybersecurity would be essential to improving efficiency and strengthening resilience, he added.

ASSOCHAM President Nirmal K. Minda highlighted opportunities across infrastructure, manufacturing, housing and agriculture, while emphasising transparency, governance and responsible lending.

Specialised Lending To Address MSME Credit Gap

Manish Jain, ASSOCHAM banking council Co-Chairman and YES Bank Executive Director, highlighted a ₹30 trillion MSME credit gap.

He advocated digital underwriting, ecosystem financing and stronger integration of small businesses into global value chains. Emerging industries including green hydrogen, space technology and electric mobility require lenders with sector expertise, he said.

Collaboration And Responsible Financial Innovation

The event also featured the release of an ASSOCHAM–EY Knowledge Report and awards recognising contributions across banking and financial sector lending.

ASSOCHAM Secretary General Saurabh Sanyal called for closer cooperation among government, regulators and industry. Discussions underscored how banks, NBFCs and fintech companies can expand access to finance while supporting productive investment and safeguarding trust in financial services.