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Indian Economy Growing Well, Banking Sector Stable: M. Nagaraju

M. Nagaraju, Secretary of Financial Services, stated that India's economy is growing well and the banking sector remains stable despite challenges. He emphasized that risk management should be a strategic responsibility embedded across all banking functions. The IBA summit addressed emerging risks and core operational risks in banking. Over 200 participants, including senior officials and industry experts, attended the event.

Key Points: Indian Economy & Banking Sector Stable: M. Nagaraju

  • Indian economy growing well despite global and domestic challenges
  • Banking sector remains stable and performing well
  • Risk management must be a strategic responsibility in banks
  • Summit brought together over 200 participants from banking sector
2 min read

Indian economy growing well, banking sector stable despite challenges: M. Nagaraju

M. Nagaraju says Indian economy is growing well and banking sector is stable despite global challenges. Risk management must be a strategic priority.

"Despite various challenges, the economy is growing well and the banking sector is stable and performing well. - M. Nagaraju"

Mumbai, May 7

India's economy is growing well and the banking sector remains stable despite global and domestic challenges, M. Nagaraju, Secretary of the Department of Financial Services, Ministry of Finance, said on Thursday.

Speaking at the Indian Banks' Association's (IBA) inaugural Summit on Risk Management held here, Nagaraju said risk management in banks must be treated as a strategic responsibility and embedded across all functions of the banking system.

"Despite various challenges, the economy is growing well and the banking sector is stable and performing well. Risk management, which is an important function of banks, should be a strategic responsibility and should be embedded in all functions of banks," according to him.

Additionally, the session was also addressed by Challa Sreenivasulu Setty, Chairman of the Indian Banks' Association (IBA) and State Bank of India and Gopal Murli Bhagat, Deputy Chief Executive of the IBA.

Setty noted that banking is fundamentally about managing intermediation risks, adding that while emerging risks are growing in complexity, banks must not lose sight of core operational risks.

Bhagat described the risk summit as more than an annual gathering, calling it a shared platform for insight and innovation to reimagine risk management across the banking and financial sector.

Moreover, the summit brought together over 200 participants, including senior officials from public sector, private, foreign and cooperative banks, as well as All India Financial Institutions (AIFIs) and industry experts.

In addition, Nagaraju has released a commemorative essay book featuring the top 30 entries from over 650 submissions received nationwide from banking professionals and unveiled a survey report on risk management practices.

He commended banking professionals for their contributions, saying their collective expertise would be pivotal in addressing future challenges in the financial sector.

- IANS

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Reader Comments

P
Priya S
Finally some sensible discussion on risk management! With global uncertainties like US tariffs and Middle East tensions, our banking system needs to be alert. Good that M. Nagaraju is stressing on embedding risk across all functions—not just a checkbox exercise.
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James A
As someone working in fintech abroad, I see India's banking resilience as impressive. But the real test will be when NPAs rise again. Hope they don't repeat the 2016-2018 bad loan cycle. Transparency is key.
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Akash W
All big talk, but what about the rural banking experience? In my village, bank branches are understaffed and digital systems crash often. Yes, the economy is growing , but ground reality for common man is different. Hope risk management also means better customer service! 😅
S
Sarah B
Interesting to see India's banking sector holding up. As a foreign investor, I find the risk management focus reassuring. But I'd love to see more data on how these frameworks are implemented—the survey report could be insightful if made public.
R
Raghav A
"Risk management as strategic responsibility"—that's the right message. But I worry about the skill gap in smaller banks. We need more training and technology adoption, not just seminars. Still, good that the government is taking this seriously. 👏
N
Neha E

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

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