M Nagaraju Discusses India’s Banking Future at FIBAC 2024
Mumbai (Maharashtra) [India], September 5: M Nagaraju, Secretary of the Department of Financial Services in the Ministry of Finance, spoke at the ‘FIBAC 2024’ event organized by FICCI and IBA. He emphasized India’s strong banking system and its readiness to support the vision of ‘Viksit Bharat 2047’, aiming to transform India into a developed country by 2047.
Nagaraju highlighted the importance of dedication and belief in the potential of the Indian people to achieve this vision. He noted that the union budget supports this goal by focusing on women, youth, and farmers. Banks play a crucial role in funding the Indian economy and promoting inclusive growth by supporting underserved communities, MSMEs, and key sectors like healthcare.
The government has introduced schemes like PMJDY to ensure everyone can contribute to the country’s growth. Nagaraju pointed out the merging lines between the financial sector and fintech industry, urging banks to leverage fintech to reach more people while being cautious of cyber threats.
He also discussed the significant changes since India’s economic liberalization in 1991, emphasizing the need for robust credit systems and enhanced infrastructure. The MSME sector, with 40 million registered units, needs more formal financial inclusion to boost its impact.
Nagaraju suggested educating youth in entrepreneurship early to sustain the start-up ecosystem and encouraged banks to support young entrepreneurs. He also called for more green financing initiatives and climate-conscious portfolios.
Sunil Mehta, Chief Executive of IBA, thanked Nagaraju for his insights, particularly on green financing, and assured that IBA would follow his guidance to reduce carbon emissions.
Doubts Revealed
M Nagaraju -: M Nagaraju is a person who works as the Secretary of the Department of Financial Services in India. He helps make important decisions about banks and financial services in the country.
FIBAC 2024 -: FIBAC 2024 is a big event where people talk about banking and finance. It stands for Financial Institutions, Banking, and Advisory Conference, and it happens in the year 2024.
Viksit Bharat 2047 -: Viksit Bharat 2047 is a vision or plan for India to become a developed country by the year 2047. It includes goals like better economy, technology, and living standards for everyone.
MSMEs -: MSMEs stands for Micro, Small, and Medium Enterprises. These are small businesses that are very important for the economy because they create jobs and help in the growth of the country.
fintech -: Fintech is short for financial technology. It means using new technology to improve financial services, like online banking or mobile payment apps.
cyber threats -: Cyber threats are dangers that come from the internet, like hackers trying to steal information or money. It’s important for banks to protect themselves from these threats.
green financing -: Green financing means giving money to projects that help the environment, like solar energy or electric cars. It helps reduce pollution and fight climate change.
Sunil Mehta -: Sunil Mehta is a person who works with the Indian Banks’ Association (IBA). He helps make sure that banks in India follow good practices and rules.
IBA -: IBA stands for Indian Banks’ Association. It is a group that represents all the banks in India and helps them work together to improve banking services.
carbon emissions -: Carbon emissions are gases like carbon dioxide that come from burning fossil fuels. These gases can harm the environment and contribute to global warming.
