Banking on Change: India’s Sector Surge Toward Global Leadership

The CNBC-TV18 3rd Banking Transformation Summit, held in New Delhi and presented by Nucleus Software, underscored a pivotal evolution in India's banking sector. Influential figures from regulatory bodies, banking leadership, and fintech arenas gathered to explore strategies for future growth, emphasizing purposeful expansion to elevate India in the global economic hierarchy.

RBI Deputy Governor M. Rajeshwar Rao highlighted the sector's substantial growth, with average credit expansion hitting 10.5% in recent years. He noted that retail lending now accounts for 32% of total credit, while MSME credit stands at 18% of total lending. As India strives to become the third-largest global economy, further consolidation in banking to reinforce stability and drive credit expansion remains crucial.

Fintech innovation was at the forefront of discourse, with panel discussions spotlighting sustainable growth and AI-powered solutions. Key industry leaders deliberated on extending credit to underserved segments and scaling digital banking operations. This summit reiterated India's dynamic role in shaping a future-ready, inclusive banking environment while catalyzing 'Bharat's' journey towards economic prominence.

(With inputs from agencies.)