The Secretary of the Department of Financial Services (DFS) delivered a keynote address at the PSB Alliance Annual Strategy Meet 2026, held in New Delhi. The event brought together key stakeholders from the public sector banking industry to discuss and strategize for the future.

In the keynote address, the Secretary emphasized the importance of public sector banks (PSBs) in driving India’s economic growth and financial inclusion. The Secretary highlighted the significant progress made by PSBs in recent years, including the improvement in their financial performance and the expansion of their services to cater to the needs of a rapidly growing economy.

The Secretary also emphasized the need for PSBs to adopt a more proactive and innovative approach to stay ahead of the curve in a rapidly changing financial landscape. This includes leveraging technology to enhance customer experience, improving operational efficiency, and developing new products and services to meet the evolving needs of customers.

Furthermore, the Secretary stressed the importance of PSBs in promoting financial inclusion and achieving the government’s vision of a more equitable and inclusive economy. The Secretary highlighted the various initiatives undertaken by the government to promote financial inclusion, including the Pradhan Mantri Jan Dhan Yojana, the Pradhan Mantri MUDRA Yojana, and the Stand-Up India scheme.

The Secretary also emphasized the need for PSBs to focus on enhancing their risk management practices, improving their asset quality, and strengthening their corporate governance. This includes developing a more robust risk management framework, improving their credit appraisal and monitoring processes, and ensuring that their boards and management teams are composed of experienced and skilled professionals.

Overall, the Secretary’s keynote address emphasized the critical role that PSBs play in driving India’s economic growth and financial inclusion, and the need for them to adopt a more proactive and innovative approach to stay ahead of the curve. The event provided a platform for stakeholders to discuss and strategize for the future, and to identify opportunities for collaboration and growth.

The annual strategy meet is expected to provide a roadmap for the PSBs to achieve their goals and objectives, and to contribute to the government’s vision of a more equitable and inclusive economy. The meet is attended by MD & CEOs of all Public Sector Banks, Financial Institutions, and other stakeholders. With the Secretary’s keynote address, the stage is set for a productive and insightful discussion on the future of PSBs in India.

A recent visit by the deputy chairman of Russian bank PSB (Promsvyazbank) to Antananarivo, the capital of Madagascar, has sparked intrigue. The visit, which took place in late 2022, was led by Andrey Kostin’s right-hand man, Nikolai Ziyatdinov. Ziyatdinov’s trip to Madagascar was not publicly announced, and the purpose of his visit remains unclear.

PSB is a major Russian bank that has been subject to international sanctions due to its close ties to the Russian government and military. The bank has been accused of providing financial services to Russian defense companies and has been linked to several high-profile corruption scandals. Given PSB’s reputation, Ziyatdinov’s visit to Madagascar has raised eyebrows among observers.

Madagascar, an island nation off the coast of East Africa, has been seeking to strengthen its economic ties with Russia in recent years. The country has been a key player in the African Continental Free Trade Area (AfCFTA) and has been looking to diversify its economy, which is heavily reliant on agriculture and mining. Russia, on the other hand, has been seeking to expand its influence in Africa, particularly in the energy and mining sectors.

During his visit, Ziyatdinov met with several high-ranking officials in Madagascar, including the country’s president, Andry Rajoelina. The details of their discussions have not been made public, but it is believed that they focused on potential areas of cooperation between Russia and Madagascar, including energy, mining, and infrastructure development.

The visit has sparked concerns among Western observers, who fear that Russia may be seeking to expand its influence in Madagascar and potentially undermine the country’s democratic institutions. Madagascar has a history of political instability, and there are concerns that Russian involvement could exacerbate these tensions.

Overall, Ziyatdinov’s visit to Madagascar has raised more questions than answers. While the purpose of his trip remains unclear, it is evident that Russia is seeking to strengthen its ties with the island nation. As Madagascar continues to navigate its economic and political relationships with external partners, it will be important to monitor the country’s interactions with Russia and other global players. With the visit of the PSB deputy chairman, Madagascar’s position in the global arena has become more intriguing, and its future relationships with Russia and other countries will be closely watched.