 "M Nagaraju, Secretary, Department of Financial Services (DFS)")
Public sector banks (PSBs) have moved beyond the phase of survival and stability and are now positioned to play a larger role as champions of growth, innovation and leadership in India’s march towards Viksit Bharat 2047, M Nagaraju, the Secretary, Department of Financial Services (DFS), said at the PSB Manthan 2025 in Delhi-NCR.
Addressing senior leaders from banks, regulators and industry, the Secretary underlined the need for PSBs to aspire to global competitiveness, strengthen governance and operational resilience, and expand their presence as sectoral champions across both traditional and emerging industries.
The two-day programme, organised by DFS, brought together top policymakers, regulators, technologists and banking practitioners. Eminent speakers included RBI Deputy Governor Swaminathan J, Chief Economic Adviser V Anantha Nageswaran, former SEBI Chairman M Damodaran, former IRDAI Chairman Debasish Panda, and former RBI Deputy Governors R Gandhi, NS Vishwanathan and MK Jain, along with former SBI chairman Rajnish Kumar and Dinesh Kumar Khara.
Over seven panel discussions and multiple expert sessions, deliberations focused on customer experience, governance, purposeful innovation, sustainable credit growth, risk management, workforce readiness and technology modernisation. The event also featured open-house sessions where PSB leaders shared forward-looking ideas and concerns.
Key themes that emerged included the need to modernise PSB technology by moving beyond legacy systems to agile, interoperable platforms, strengthening cyber resilience and building robust governance frameworks for responsible adoption of artificial intelligence. Participants also suggested collaboration with fintechs, academia and global institutions to enhance innovation and avoid vendor lock-in.
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According to the press statement, the discussions highlighted that PSBs, while continuing to strengthen their traditional roles in agriculture, MSMEs, housing and infrastructure, must also position themselves as enablers of emerging sectors such as renewable energy, electric mobility, semiconductors, green hydrogen, shipbuilding and digital industries.
“Customer centricity, timely redressal of grievances, HR training and reimagining service delivery through technology-driven processes were also stressed as critical to deepening customer trust and inclusiveness,” said the press statement.
The press statement further added that the important outcome of the summit was a shared sense of direction: near-term priorities on governance, customer service, technology and credit delivery, coupled with a long-term vision of building PSBs into globally competitive institutions aligned with national development goals.
“PSB Manthan 2025 reaffirmed that the future of Indian banking will be shaped by bold ambitions and transformative purpose, with PSBs playing a central role in advancing national priorities and aspiring to emerge as institutions of global standing,” the Finance Ministry said in a statement.
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