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DFS Secretary Calls for Agile Financial Institutions to Boost Credit-GDP Ratio

M Nagaraju, Secretary of the Department of Financial Services, stressed the need to enhance India's Credit-GDP ratio and make financial institutions more agile. The 'Chintan Shivir' in Coorg aimed to generate fresh ideas for financing in line with the Viksit Bharat 2047 vision. Experts like Amitabh Kant discussed bank financing for MSMEs and creating rule-based instruments to reduce business costs. Discussions also covered banking cybersecurity, financial inclusion, and developing new insurance and pension products for a resilient financial system.

Key Points: DFS Secretary on Agile Finance for Viksit Bharat Goals

  • Boost Credit-GDP ratio
  • Agile financial institutions
  • New financing methods
  • Viksit Bharat 2047 goals
  • Robust bond market
2 min read

Make financial institutions more agile: DFS Secretary

DFS Secretary M Nagaraju emphasizes enhancing Credit-GDP ratio and making financial institutions more agile to achieve Viksit Bharat 2047 objectives.

"enhance the Credit-GDP ratio - making our financial institutions more agile - M Nagaraju"

New Delhi, Feb 15

M Nagaraju, Secretary, Department of Financial Services, has stressed upon the need to enhance the Credit-GDP ratio - making our financial institutions more agile and exploring new ways of financing at a larger scale in line with the goals of Viksit Bharat.

Speaking at a 'Chintan Shivir' of the DFS in Coorg, Karnataka, he stated that the ideas generated during the session will pave the way for a shared vision and plan of action for the Department and its financial institutions.

At the event, experts from public policy as well as practitioners from various fields of financing presented their views and ideas.

Amitabh Kant, former CEO, NITI Aayog, spoke about the key role of banks for financing of MSMEs, requirement of Jan Vyapar on the lines of Jan Aadhar and developing appropriate rule-based instruments for further reducing the cost of doing business.

Dr KP Krishnan, former Secretary, Skill Development and Entrepreneureship, emphasised upon the need of some more GIFT Cities in India, a robust and thriving Bond Market and reduction in cost of intermediation, etc.

The key objective of the Shivir was to encourage fresh perspectives and creative ideas towards achieving the goal of Viksit Bharat at 2047 and the role of financial institutions.

It event witnessed active participation from all stakeholders, with vibrant discussions focusing on the pivots that the banking and other financial services participants need to take in the strategic context of Viksit Bharat.

According to Finance Ministry, eminent experts, panellists and participants discussed in detail on a range of topics such as Banking and Cyber Security, Financial Inclusion, ensuring a Fully Insured and Pensioned Society by 2047.

Ideas that emerged during the two-day event included replicating the concept Shadow CEO, autonomous organisation, digital trust, knowledge Half Life, innovative ways of increasing investment, exploring new insurance and pension products, increasing financial literacy and ways of becoming more resilient financial system in the dynamically changing global order.

- IANS

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Reader Comments

P
Priya S
All these high-level discussions are good, but will the benefits trickle down to the common man? We need more Jan Vyapar accounts that are as simple to open as a Jan Dhan account. Financial inclusion must be practical, not just theoretical.
A
Amitabh K
Developing a robust bond market is crucial for Viksit Bharat. It will provide long-term capital for infrastructure and reduce dependence on bank loans. More GIFT Cities can be game-changers for financial services, just like GIFT City in Gujarat.
S
Sarah B
The mention of 'digital trust' and 'cyber security' is vital. As we push for more digital transactions, people need to have absolute faith that their money is safe. A single major breach could set back financial inclusion efforts by years.
K
Karthik V
Hope these ideas don't just remain in Coorg's beautiful hills! We've had many 'Chintan Shivirs' before. The real test is execution. Can our public sector banks, with their existing bureaucracy, truly become agile? That's the billion-dollar question.
N
Nisha Z
Financial literacy is the foundation. My parents in a tier-3 town are still wary of mutual funds and stick to FDs. We need massive awareness campaigns in regional languages to explain new pension and insurance products. Jai Hind!

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