Despite digitisation, India will need more banks: DFS secy M Nagaraju

However, Nagaraju cautioned that the digital transition must be carefully managed to ensure that service quality and customer trust are not compromised

India will require more banks to meet the country’s growing credit and inclusion needs as it moves toward becoming a developed economy by 2047, the Department of Financial Services (DFS) Secretary M Nagaraju said on Thursday.

 

Speaking at the SBI conclave event, he said that even with rapid digitisation, the demand for banking services will expand significantly. “Imagine the prevailing $32.9 billion economy by 2047, think of the number of bankers and institutions we will need. While most transactions will be digital, we will still require new banks that meet the needs of different industries,