Delhi/Chennai, September 2(HS): The President of India, Smt. Droupadi Murmu, honored the 120th Foundation Day celebrations of City Union Bank in Chennai today, emphasizing the integral role of the banking industry in India’s rapid economic ascent.

In her address, President Murmu underscored that India’s economy ranks among the fastest-growing large economies globally, with its banking sector functioning as a key driver of this dynamic progress. She elaborated that the aspirations of the populace have significantly broadened, expanding the remit of banks far beyond mere financial transactions. Modern banks now provide a diverse array of financial services, fostering inclusive and sustainable development throughout the nation.

Highlighting financial inclusion as a cornerstone of national development, the President expressed confidence in City Union Bank’s contributions towards broadening affordable financial access across India. Acknowledging the challenge posed by the large rural and semi-urban population still underserved by formal banking, she commended City Union Bank’s remarkable advancements in this crucial domain.

President Murmu also noted the transformative impact of fintech innovations, including mobile applications, micro-loans, and tailored insurance products, which have extended banking services to remote villages through payment banks and digital wallets. Despite these advancements, she cautioned that barriers remain in digital literacy, internet accessibility, and financial awareness, urging collective stakeholder efforts to bridge these gaps.

Addressing sector priorities, the President emphasized empowering farmers and the rural economy via timely credit, financial education, and agri-tech support to ensure agriculture’s profitability and sustainability. She also called on banks to stimulate MSME growth, uplift marginalized communities, and integrate daily wage earners and migrant laborers more effectively into formal financial systems.

As India’s digital and knowledge-based economy expands, President Murmu advocated for banks to intensify their role in digital transformation and entrepreneurship, becoming crucial partners in the nation’s journey toward development—from nurturing start-ups to shaping smart cities.

Her address firmly positioned banks as pivotal actors in India’s socioeconomic progress, reaffirming their mission to foster inclusive prosperity and innovation in a rapidly evolving landscape.

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Hindusthan Samachar / Jun Sarkar