President Murmu Urges Banks to Drive Financial Inclusion at CUB’s 120th Year

President of India Smt. Droupadi Murmu today graced the 120th foundation day celebrations of City Union Bank (CUB) in Chennai, Tamil Nadu. Addressing the gathering, she highlighted the crucial role of the Indian banking industry in supporting the nation’s growth, especially in advancing financial inclusion, digital transformation, and rural empowerment.

Banking Beyond Transactions

The President observed that India’s economy is among the fastest-growing large economies, and the banking sector has been a vital partner in this journey. “Banks today are not just custodians of wealth,” she said. “They have evolved into providers of diverse financial services and are instrumental in ensuring inclusive and sustainable development.”

She emphasized that people’s aspirations have expanded in a dynamic economy, and banks must respond with innovative, accessible, and affordable financial solutions.

Expanding Financial Inclusion

Calling financial inclusion a critical pillar of development, President Murmu expressed confidence that banks like CUB are helping meet the national saturation target for universal banking access. She noted that a significant section of India’s population still resides in rural and semi-urban areas with limited access to formal banking.

She welcomed CUB’s efforts to extend its network to underserved regions and praised the role of fintech companies, digital wallets, mobile apps, micro-loans, and payment banks in bringing services to doorsteps. At the same time, she acknowledged the challenges of digital literacy, internet penetration, and financial awareness, stressing the need for collaboration among banks, technology providers, and government agencies.

Empowering Farmers and Rural Communities

The President underscored that the empowerment of farmers and rural communities must be a top priority for banks. By offering timely credit, affordable loans, financial literacy, and support for agri-tech solutions, banks can make agriculture more sustainable and profitable.

She also highlighted the role of banks in nurturing Micro, Small and Medium Enterprises (MSMEs), which she described as the “engines of growth.” Additionally, she urged banks to pay special attention to daily wage earners, migrant labourers, and marginalized groups, ensuring that they too are fully integrated into the banking system.

Banking for a Digital India

President Murmu stressed that as India advances into a knowledge-driven and digital economy, banks must play an active role in digital transformation and entrepreneurship. From financing start-ups to supporting smart cities, banks have opportunities to be active partners in building a developed India (Viksit Bharat).

She called on banks to encourage innovation in financial products, strengthen cybersecurity frameworks, and foster trust among first-time digital users.

City Union Bank’s Legacy

Founded in 1904, City Union Bank has evolved from a regional institution into a modern banking entity with nationwide presence. Over its 120 years, the bank has built a reputation for customer-centric service, financial inclusion, and digital adoption. The President commended CUB for its contributions and urged it to continue playing a leadership role in empowering communities through inclusive banking.

Concluding her address, the President reminded stakeholders that the banking sector must go beyond profit-making and see itself as a partner in national development. She urged institutions to balance profitability with social responsibility, especially in reaching the unbanked and underserved.

“Banks can and must become active partners in shaping a developed India,” she affirmed.