Indian banks performing exceptionally well: FM Sitharaman

Mumbai, Sep 25 (IANS) Finance Minister Nirmala Sitharaman on Thursday said that Indian banks have performed exceptionally well in both macroeconomic and overall economic terms.

Speaking at the 91st Foundation Day celebrations of the Bank of Maharashtra in Pune, FM Sitharaman highlighted the resilience of India’s banking sector amid global uncertainties.

“In the macroeconomic and also overall economic performance, the performance of our Indian banks stand out particularly well,” the Finance Minister stated.

“India’s economic resilience has continued, particularly in the April to June quarter this year, where our GDP grew by 7.8 per cent,” FM Sitharaman said, praising the stability of the country’s financial system.

The Finance Minister also pointed to the success of the Unified Payments Interface (UPI), noting that its interoperable design has been recognised by the International Monetary Fund (IMF) as a global model.

However, she stressed that digitalisation alone is not enough. “Integrity, empathy, and human judgment remain irreplaceable,” FM Sitharaman said.

The Finance Minister underlined the critical role banks play in uncertain global conditions, not only as custodians of savings but also as engines of growth.

FM Sitharaman said banks provide vital finance and support to businesses and entrepreneurs, enabling them to navigate volatility, seize opportunities, and drive innovation.

Highlighting the importance of customer trust, the Finance Minister added, “Every complaint must be seen as an opportunity to improve, innovate, and reinforce trust.”

“Grievance redressal should be accompanied by root cause analysis, systemic corrections in products, processes and conduct, and a commitment to ensure the same complaint does not arise again,” FM Sitharaman added.

The event was also attended by M. Nagaraju, Secretary, Department of Financial Services.

The Finance Minister’s remarks come at a time when India’s banking sector continues to strengthen its role in supporting the country’s rapid economic growth while embracing technology and maintaining strong governance standards.

--IANS

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