Banking sector has key role to play as India on way to become 3rd largest economy: Gujarat CM Bhupendra Patel

Ahmedabad: Gujarat Chief Minister Bhupendra Patel on Thursday said the banking sector has a key role to play with India moving towards becoming the third largest economy in the world.

Chairing the 190th meeting of the State Level Bankers' Committee (SLBC) in Gandhinagar, he also urged banks to ensure easy and timely access to credit for micro, small and medium enterprises (MSMEs), women entrepreneurs, rural artisans, small farmers and other last-mile beneficiaries.

"The banking sector has a key role to play as India moves towards becoming the world's third-largest economy under Prime Minister Narendra Modi's leadership," a government release quoted CM Patel as saying.


"Credit to the last mile should be the focus of the banking sector," he said, and urged banks to speed up processing of applications under government schemes and maximise beneficiary coverage.

The state government has announced various assistance and incentives under its new Industrial Policy-2026 for startups, women entrepreneurs, SC/ST entrepreneurs, persons with disabilities and first-generation entrepreneurs.

Patel urged bankers to use technology to provide timely credit, loans and other financial support to such entrepreneurs.

He said banks were earlier primarily seen as institutions handling financial transactions and providing loans, but their role has now expanded to social development, contributing to the vision of a 'Viksit Bharat'.

State Chief Secretary M K Das stressed the need for strong coordination between the government and the banking sector for Gujarat's development. He also appreciated the contribution of banks to the state's growing economy.

Das asked bankers to remain vigilant against cyber fraud and mule accounts and called for opening more bank branches to ensure access to banking services in smaller villages.