Driving Growth: India's Banking Sector and Rural Empowerment

President Droupadi Murmu called upon India's banking sector to prioritize the empowerment of farmers and the rural economy during her address at the 120th anniversary of City Union Bank in Chennai, Tamil Nadu. She highlighted the potential of banks to drive growth by transforming Micro, Small, and Medium Enterprises (MSMEs) into major economic contributors.

Murmu stressed the pivotal role banks could play, from supporting start-ups to advancing smart cities, urging them to become active partners in India's development. Despite advances in financial services, she noted ongoing challenges such as digital literacy, internet access, and financial awareness that need addressing to promote inclusive growth.

The President commended developments such as payment banks and digital wallets for bringing financial services to remote areas but reiterated the need to overcome the existing obstacles. Earlier, she was welcomed by Tamil Nadu's Governor RN Ravi and Deputy Chief Minister Udhayanidhi Stalin. President Murmu also applauded the All India Institute of Speech and Hearing in Mysuru for its significant contributions to education and research.

(With inputs from agencies.)