Governor Verma: Financial inclusion must go beyond bank accounts to affordable credit, insurance, pension

Maharashtra Governor Jishnu Dev Verma said at an event in Mumbai that financial inclusion should not stop at getting bank accounts opened. He was the chief guest at the 21st annual summit and awards ceremony of the ASSOCHAM National Council for Banking and Financial Sector Lending Companies.

Verma said, "Financial inclusion should not remain limited to opening bank accounts and promoting digital transactions, but should extend to ensuring affordable credit, insurance and pension cover, especially for rural households, women and small entrepreneurs."

The council was held on the theme "Resilience, Reinvention and India's Rise". It discussed in depth the role of financial institutions in supporting India's growth aspirations.

Addressing those present, the Governor said banks and financial institutions are not merely providers of loans and financial services but important partners in nation-building. He said technology is reshaping banking, and a stable, modern and inclusive financial system should therefore be built, in which credit reaches productive sectors, technology serves the public and financial opportunities reach every section of society.

Atul Kumar Goyal, chief executive officer of the Indian Banks' Association, spoke about the banking sector's contribution to India's long-term economic aspirations. He said, "India's banking and financial services sector can become the main catalyst for fulfilling the dream of a 30 trillion dollar economy by 2047." According to Goyal, the sector should focus on opening up opportunities for economic growth, raising productivity, achieving digital maturity and building resilience. He said strengthening financing for emerging sectors such as renewable energy, semiconductors and MSMEs, using AI and incorporating cyber security will be essential for this journey.

ASSOCHAM president Nirmal K. Minda stressed the importance of good governance. He said that as India moves towards becoming a developed nation, financial institutions will have a major role in supporting infrastructure, MSME growth, manufacturing, housing, agriculture and new industries while ensuring inclusive and sustainable growth. Minda said that in this era of digitalisation, fintech and artificial intelligence, trust, transparency, strong governance, cyber security and responsible lending must remain the pillars of the financial system.

Manish Jain, co-chairman of the ASSOCHAM National Council for Banking and executive director of Yes Bank, said the financial sector has an important role in funding infrastructure, strengthening MSMEs and supporting the energy transition. He said advanced digital underwriting, ecosystem-based financing models and connecting small businesses more closely to global value chains to fill the 30 trillion US dollar credit gap in the MSME sector are necessary to advance inclusive growth.

An ASSOCHAM-EY knowledge report was released at the council. In a special session, institutions and veterans who performed outstandingly in banking and financial credit supply were also honoured. At the end of the event, ASSOCHAM secretary general Saurabh Sanyal gave the vote of thanks and stressed the importance of cooperation among the government, regulators and industry.