India's PSBs to Drive Growth and Innovation, Targeting Sunrise Sectors by 2047
Public Sector Banks (PSBs) are set to drive India's growth and innovation, as highlighted at the recent PSB Manthan 2025 event in Gurugram. The event, organised by the Department of Financial Services, Ministry of Finance, charted the future of Indian banking, with a focus on PSBs financing sunrise sectors and becoming globally competitive by 2047.
PSBs are encouraged to invest in sectors like renewable energy, electric mobility, semiconductors, and green hydrogen. Leading banks such as State Bank of India (SBI), ICICI Bank, HDFC Bank, and Yes Bank are already innovating digitally, financing solar industries, and expanding internationally to achieve global competitiveness.
In the near term, PSBs aim to strengthen governance, modernize digital platforms, enhance credit delivery, and build customer trust. Long-term goals include supporting Indian enterprises overseas and aligning with sustainable and inclusive growth models. To achieve these, workforce transformation, including digital skilling and cultural agility, is crucial.
PSB Manthan 2025 reaffirmed PSBs' commitment to innovation and global competitiveness. With a focus on sunrise sectors, digital transformation, and strategic partnerships, Indian PSBs are poised to become leaders in growth, innovation, and resilience, contributing significantly to the country's progress.
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