President Murmu highlights Role of Banks in Driving India’s Growth at City Union Bank’s 120th Foundation Day

Chennai- President of India, Droupadi Murmu, attended the 120th Foundation Day celebrations of City Union Bank in Chennai today, where she underlined the critical contribution of the banking industry to India’s rapid economic rise.

Addressing the gathering, the President observed that India is counted among the world’s fastest-growing economies, and the banking sector has been a key force in this journey. She noted that banks today are far more than custodians of deposits; they are central to inclusive and sustainable development by offering diverse services that cater to evolving aspirations.

The President emphasized the importance of financial inclusion as a pillar of national growth. She expressed satisfaction that institutions like City Union Bank are working towards universal access to affordable banking services, particularly in semi-urban and rural regions where many citizens still lack adequate exposure to formal banking.

Highlighting the progress of digital finance, she said that banks and fintech firms are making services accessible through mobile applications, micro-loans, and insurance products designed for underserved communities. She also mentioned that payment banks, wallets, and banking correspondents have brought services closer to villages. At the same time, she cautioned that challenges like limited internet reach, digital literacy, and financial awareness still need to be addressed.