IDFC First Bank CEO bats for digitalisation, says 'super important' to multiply savings of middle class

IDFC First Bank CEO

Growing digitalisation can make "wealth management more accessible" to all rungs of society, IDFC FIRST Bank CEO V Vaidyanathan has said, adding it is “super important” to multiply the savings of middle class.

Speaking at the Moneycontrol Global Wealth Summit 2025 in Mumbai on March 7, the banker said as India is poised for significant growth in the coming years, it is important to make such benefits available to the middle class.

"Wealth management is normally afforded by people with balances of about Rs 20- 50 lakh because it is largely supported by humans. How do we expand this market for normal people is going to be a very key issue to address in the times to come," Vaidyanathan said.

Wealth management and multiplying wealth is great for people who have the wealth but people “who are just off the radar and have earnings, say for example, between Rs 1 to 2 lakh a month and who save Rs 20,000-30,000 a month, that is wealth in their life", he said.

Also read: Follow our live blog for the latest on the Moneycontrol's Global Wealth Summit 2025

The banker said it is “super important” to multiply the savings of this section of society. “For the rich, wealth is exciting. For the not-so-rich middle class, the growth of wealth is an absolute imperative,” he added.

Vaidyanathan said due to the expenses involved, it would be difficult for banks to provide wealth management benefits to a larger audience — a gap India’s growing digitalisation would help to bridge.

Despite global uncertainties, India has seen key financial metrics multiply 2.5 to three times in the past 10 years. The markets grew about six times during the time, he said.

"India is capable of pulling off some really good reforms," he said, adding ease of doing business has improved and income-tax rules refined.

The Moneycontrol Global Wealth Summit 2025 is a flagship, premier platform that brings together leading Indian and global investors, titans of Indian business, policy-makers and other important mover and shakers in the financial market ecosystem to decode the puzzle of wealth creation in India.