IBA must drive innovation, strengthen regulation for Viksit Bharat: DFS secretary Nagaraju

M Nagaraju, secretary of the department of financial services

M Nagaraju, secretary of the department of financial services (DFS), has urged the Indian Banks’ Association (IBA) to take a more proactive role in driving innovation, strengthening regulatory frameworks, and promoting financial inclusion to align with the government’s Viksit Bharat vision.

Speaking at an IBA event, Nagaraju highlighted the need for the association to establish uniform ethical and operational standards, facilitate policy dialogue with the government, and support initiatives for MSMEs and underserved communities.

He said the increasing reliance on digital payment systems and the rapid expansion of banking services into underserved areas require the industry to be well-guided and stable.

He also urged IBA to drive innovation and inclusivity within the banking sector by promoting research and developing new financial products tailored to the diverse needs of India's population.

Nagaraju pointed out that addressing challenges such as financial literacy, cybersecurity awareness, and dispute resolution is "essential for enhancing customer confidence and advancing financial inclusion."

Calling for a greater alignment with the vision of Viksit Bharat, he urged IBA to promote inclusion and sustainable growth.

This includes working closely with banks to implement government initiatives that empower micro, small, and medium enterprises (MSMEs), support renewable energy projects, and provide accessible financial services to marginalised groups.

"This collaboration supports the broader goal of inclusive development, a key pillar of Viksit Bharat," he added.