FM commends strong performance of Indian banks

Finance Minister Nirmala Sitharaman on Thursday lauded the exceptional performance of Indian banks in both macroeconomic and overall economic terms.

Speaking at the 91st Foundation Day celebrations of the Bank of Maharashtra in Pune, FM Sitharaman emphasised the resilience of India’s banking sector in the face of global uncertainties.

“In the macroeconomic and overall economic performance, Indian banks have performed particularly well,” the Finance Minister remarked.

She highlighted India’s continuing economic strength, noting that in the April to June quarter this year, the country’s GDP recorded a growth of 7.8 per cent, reflecting the stability of the nation’s financial system.

FM Nirmala Sitharaman also pointed to the success of the Unified Payments Interface (UPI), stating that its interoperable framework has been acknowledged by the International Monetary Fund (IMF) as a model for the world.

However, she stressed that digitalisation cannot replace essential human qualities. “Integrity, empathy, and human judgment remain irreplaceable,” she said.

The Finance Minister highlighted the crucial role of banks during uncertain global conditions, describing them not only as custodians of savings but also as drivers of economic growth.

She noted that banks provide essential financing and support to businesses and entrepreneurs, helping them navigate volatility, capitalise on opportunities, and foster innovation.

Stressing the significance of customer trust, FM said, “Every complaint should be treated as an opportunity to improve, innovate, and reinforce trust.”

She added, “Grievance redressal should involve root cause analysis, systemic improvements in products, processes, and conduct, along with a commitment to prevent recurrence of the same issue.”

The event was also attended by M. Nagaraju, Secretary, Department of Financial Services.

FM’s remarks come at a time when India’s banking sector continues to strengthen its role in supporting rapid economic growth while embracing technology and upholding strong governance standards.