PSU banks to drive Viksit Bharat 2047

Public sector banks will be key drivers in achieving the vision of Viksit Bharat 2047, with emphasis on global competitiveness, inclusive growth and leadership in emerging sectors, the finance ministry said on Saturday.

After the two-day PSB Manthan, a conclave for banks, the government noted that discussions at the event set immediate priorities and outlined a long-term pathway for PSBs to evolve into globally competitive institutions aligned with the vision of Viksit Bharat 2047.

Deliberations covered customer experience, governance, innovation, credit growth, risk management, workforce readiness and technology modernisation, the ministry said in a statement.


Financial services secretary M Nagaraju underlined that PSBs have moved beyond the phase of survival and stability and are now positioned to play a larger role as champions of growth, innovation and leadership in the journey towards Viksit Bharat 2047.

He highlighted the need for PSBs to aspire to global competitiveness, strengthen governance and operational resilience and expand their role as sectoral champions across both traditional and emerging industries, the statement said.

The deliberations also underlined the importance of customer centricity, technology-enabled process optimisation and continuous HR training to empower employees for a rapidly changing banking environment.

The statement said discussions also underlined the need for process simplification, timely redressal of customer dissatisfaction and delivery of seamless services. Suggestions were made for PSBs to adopt next-generation technologies, build common infrastructure or shared utilities and design hyper-personalised products tailored to diverse customer needs.

The event saw participation from PSB leadership, regulators, industry experts, academicians and practitioners. It was emphasised that PSBs must also emerge as key enablers of sunrise sectors such as renewable energy, electric mobility, green hydrogen, semiconductors, shipbuilding and digital industries.

It was further deliberated that PSBs should aspire to evolve into globally competitive banks, with the scale, presence and capabilities to support Indian enterprises overseas and stand alongside leading financial institutions worldwide, the statement said.