‘Drivers of India’s economic development’: PSU banks post stronger credit development; DFS Secretary push for digital services

Public sector banks have demonstrated stronger efficiency and resilience just lately, with credit development surpassing that of non-public banks, Financial Services Secretary M Nagaraju mentioned on Tuesday. He attributed the development to improved due diligence, enhanced credit underwriting requirements, and higher monitoring of mission loans.Speaking on the inauguration of Punjab & Sind Bank’s MSME Sports Cluster Branch at Football Chowk, Jalandhar, Nagaraju famous, “Today, customers are returning to public sector banks because of their renewed focus on efficiency, transparency, and trust, PTI reported.” He additionally urged banks to proceed offering strong assist to MSMEs and startups, which he referred to as the true drivers of India’s economic development.He added, “At the same time, we must ensure that every customer is treated with dignity and respect, and that our digital and service journeys remain seamless, resilient, and inclusive.”Punjab & Sind Bank launched a number of specialised branches in the course of the occasion, together with the SheRise Branch (managed solely by ladies workers), MSME Edge, Agri Hub Branches, and a Startup Branch at Sector 44, Gurugram, designed to supply sector-specific monetary options and promote inclusive development, the financial institution mentioned in a press release.Swarup Kumar Saha, MD and CEO of Punjab & Sind Bank, highlighted Jalandhar’s sports activities business as an inspiration for MSME-led improvement and world competitiveness. “The establishment of these specialised branches reflects our commitment to inclusive, sector-driven growth. Such initiatives will not only empower entrepreneurs but also generate employment and enhance India’s manufacturing potential,” he mentioned.He additional emphasised the financial institution’s collaborations with premier establishments, together with ISB Mohali, PAU Ludhiana, and IIM Amritsar, aimed toward supporting vendor incubation, futuristic farming, and startup incubation for MSMEs and entrepreneurs.