PSU banks ready to play a larger role towards Viksit Bharat 2047: DFS Secretary

Public sector banks (PSBs) have transitioned from a section of survival and stability and at the moment are positioned to play a bigger function as champions of development, innovation, and management within the journey in the direction of Viksit Bharat 2047, Monetary Providers Secretary M Nagaraju has stated.

Addressing the two-day PSB Manthan, which concluded on Saturday, Nagaraju additionally highlighted the necessity for PSBs to aspire to international competitiveness, strengthen governance and operational resilience, and broaden their function as sectoral champions throughout each conventional and rising industries.

PSB Manthan 2025, organised by Division of Monetary Providers (DFS), themed round reimagining public sector banking for a developed India. The occasion introduced collectively senior management of public sector banks, regulators, trade specialists, academicians, technologists, and banking practitioners.

This system featured discussions on buyer expertise, governance, innovation, credit score development, threat administration, and know-how modernization.

Key solutions included adopting next-generation applied sciences, constructing widespread infrastructure, and designing hyper-personalized merchandise, the finance ministry stated in an announcement on Saturday.

The discussions pressured the significance of modernising PSB know-how by transferring past legacy programs to agile and interoperable platforms able to delivering seamless digital companies, enhancing cyber resilience, and integrating successfully with India’s digital public infrastructure, it stated. It was additional prompt that Public Sector Banks put in place sturdy governance frameworks for Synthetic Intelligence (AI), geared toward strengthening mannequin threat administration, nurturing accountable AI adoption, and instituting acceptable safeguards towards rising dangers, it stated.The deliberations additionally underscored the significance of participating with know-how companions who guarantee openness and interoperability, thereby avoiding vendor lock-in and enabling long-term flexibility and innovation, it added.

Audio system highlighted the necessity for collaboration with fintechs, academia, and entrepreneurs to boost public sector banks’ capabilities and speed up innovation.

They reaffirmed the banks’ central function in monetary inclusion and nationwide priorities, notably in sectors like agriculture, MSMEs, housing, and infrastructure, in addition to rising sectors corresponding to renewable power and digital industries.