Chennai: President of India Droupadi Murmu on Tuesday underscored the crucial role of banks in advancing financial inclusion, empowering rural communities, and supporting small businesses, while also urging greater use of technology to bridge economic divides.
Speaking at the 120th anniversary celebrations of City Union Bank (CUB) in Chennai, Murmu said India’s banking sector had transformed from being custodians of wealth to becoming “active partners in inclusive and sustainable development.” She emphasised that banks must prioritise extending affordable credit, promoting digital literacy, and reaching underserved populations in both rural and semi-urban areas.
“The Indian economy is among the fastest-growing large economies in the world, and the banking industry plays a pivotal role in its growth story,” the President said. She congratulated Union Finance Minister Nirmala Sitharaman (who shared the stage) and her team for creating a citizen-centric financial ecosystem that empowers people and strengthens the digital economy.
Murmu stressed that financial inclusion remained a critical pillar of development, noting the success of government initiatives such as the Pradhan Mantri Jan Dhan Yojana, which has enabled over 56 crore zero-balance bank accounts. She also praised the PM SVANidhi scheme for enhancing the dignity and independence of street vendors, and welcomed its extension until March 2030.
She called on banks to expand their role in rural development, saying they should “empower farmers by offering timely and affordable credit, supporting agri-tech initiatives, and promoting financial literacy.” Special efforts, she added, were needed to integrate daily wage earners, migrant workers, and marginalized groups into formal banking networks.
The President also highlighted the importance of nurturing Micro, Small and Medium Enterprises (MSMEs), which she described as the “engines of growth and innovation” for the Indian economy. Banks, she said, must actively support MSMEs with accessible credit and tailored services to help them thrive.
Turning to technology, Murmu said digital banking had revolutionized access to financial services across India, eliminating long queues and bringing services to the doorsteps of people in remote villages. She urged banks to blend modern technology with personal, relationship-based service in order to reach all sections of society.
The President said the CUB had a strong presence in rural and semi-urban areas and had deployed significant credit to the MSME sector, while also embracing digital platforms without losing its personal touch.
