CHENNAI: President Droupadi Murmu on Tuesday highlighted that despite significant progress in the banking sector, challenges remain in digital literacy and financial awareness among the public. Speaking at the 120th Foundation Day celebrations of Tamil Nadu-based City Union Bank, she emphasized that empowering farmers and strengthening the rural economy should be a key priority for banks.
Murmu noted that banks and financial technology companies now offer user-friendly mobile applications and insurance products tailored to underserved communities. Payment banks, digital wallets, and banking correspondents have also expanded financial services to the doorsteps of remote villages.
“Despite these advancements, challenges related to digital literacy, internet access, and financial awareness persist. With the combined efforts of all stakeholders, people can be better integrated with banking services through technology, digital tools, and financial literacy,” she said.
She further highlighted the role of banks in driving economic growth through MSMEs. “By providing timely and affordable credit, promoting financial literacy, and supporting agri-tech initiatives, banks can make agriculture sustainable and profitable. They can also play a pivotal role in transforming MSMEs into engines of growth,” Murmu added.
The event was attended by Tamil Nadu Governor R.N. Ravi, Union Finance and Corporate Affairs Minister Nirmala Sitharaman, TN Minister for Social Welfare and Women Empowerment Geetha Jeevan, City Union Bank Chairman G. Mahalingam, and the Bank’s MD & CEO N. Kamakodi.
