Are PSBs Ready to Take on a Greater Role in Viksit Bharat 2047?
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Synopsis
Public Sector Banks (PSBs) are gearing up for a transformative journey towards Viksit Bharat 2047, as highlighted in a recent government event. This shift underscores their potential to drive innovation, growth, and leadership in the banking sector. Learn how these institutions are evolving to meet global standards.
Key Takeaways
- PSBs are set to play a larger role in driving India's growth towards Viksit Bharat 2047.
- Global competitiveness is essential for PSBs' future.
- Technology transformation is crucial for enhancing operational efficiency.
- Collaboration with fintechs will accelerate innovation.
- Support for emerging sectors like renewable energy is imperative.
New Delhi, Sep 13 (NationPress) Public Sector Banks (PSBs) have progressed beyond mere survival and stability, now poised to assume a more significant role in propelling India towards ‘Viksit Bharat 2047’, according to a senior government official speaking on Saturday.
During the ‘PSB Manthan 2025’, a two-day event organized by the Department of Financial Services (DFS) in Gurugram, M Nagaraj, Secretary of Financial Services, emphasized the necessity for PSBs to aim for global competitiveness, enhance governance, and elevate their status as leaders in both traditional and emerging industries.
“Public Sector Banks have transitioned past the stage of survival and stability and are now on the path to becoming champions of growth, innovation, and leadership in the quest for Viksit Bharat 2047,” stated Nagaraj.
Throughout the two-day discussions, key topics included enhancing customer experience, improving governance, fostering purposeful innovation, ensuring sustainable credit growth, effective risk management, workforce readiness, and modernizing technological frameworks.
Experts underscored the need for PSBs to reimagine customer journeys in an increasingly digital landscape, streamline processes, and provide seamless services while reinforcing customer trust.
The gathering featured senior leadership from PSBs, as well as regulators, industry experts, technologists, and academics.
Notable speakers included RBI Deputy Governor Swaminathan J., Chief Economic Adviser Dr. V. Anantha Nageswaran, former SEBI Chairman M. Damodaran, and multiple former RBI deputy governors and SBI chairmen.
One of the key themes was technology transformation. Speakers stressed the importance of PSBs moving away from outdated systems to adopt agile, interoperable platforms that can integrate with India’s digital public infrastructure.
Furthermore, they emphasized the necessity of building strong cyber resilience and responsibly adopting Artificial Intelligence, with appropriate safeguards against associated risks.
Discussions also highlighted the need for collaboration with fintechs, academia, and global institutions to accelerate innovation.
While enhancing traditional strengths in agriculture, MSMEs, housing, and infrastructure, PSBs were encouraged to lead the way in supporting emerging sectors such as renewable energy, electric mobility, semiconductors, shipbuilding, and green hydrogen.
Speakers further urged that PSBs should aspire to become globally competitive banks capable of supporting Indian enterprises abroad and standing alongside the world's leading financial institutions.
Point of View
I believe that the evolution of Public Sector Banks is crucial for India's economic future. Their readiness to embrace innovation and technology reflects a commitment to not only survive but thrive on a global scale. The focus on collaboration with fintech and support for sunrise sectors is a positive step towards a more sustainable and competitive banking environment.
NationPress
13/09/2025
Frequently Asked Questions
What is the main goal for PSBs by 2047?
The primary goal for Public Sector Banks (PSBs) by 2047 is to transition into leaders of growth, innovation, and global competitiveness, contributing significantly to India's journey towards a developed nation.
How will PSBs enhance customer experience?
PSBs aim to enhance customer experience by reimagining customer journeys, simplifying processes, and ensuring seamless service delivery to build trust and satisfaction.
What sectors will PSBs focus on?
PSBs will focus on both traditional sectors like agriculture and MSMEs, as well as emerging sectors such as renewable energy, electric mobility, and green hydrogen.
Why is technology transformation important for PSBs?
Technology transformation is vital for PSBs to move away from outdated systems, enabling them to adopt agile platforms that integrate with India's digital infrastructure, thereby enhancing efficiency and service delivery.
Who were some notable speakers at the event?
Notable speakers included RBI Deputy Governor Swaminathan J., Chief Economic Adviser Dr. V. Anantha Nageswaran, and former SEBI Chairman M. Damodaran, among others.
