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.