5 Things India’s Banks Must Do For Viksit Bharat 2047 Mission; Report Finds Key Details

Consequently, Indian banks will play a very important role in the progression of financial inclusion, digitalization, sustainability, resilience, and work force development to help achieve Viksit Bharat 2047. Let us examine each of the five facets of the previous sentence in some detail:

1. Financial Inclusion:
   While India has indeed been able to stride toward financial inclusion, with platforms like UPI and Aadhaar boosting access, it is now high time that banks take further steps in creating customized solutions for rural and unbanked populations. It involves credit facility extension, particularly to small businesses and farmers, and the promotion of saving and investment habits among people at the lower strata. New business models opened by fintech innovation will be critical.
2. Sustained Digital Transformation:
   In India, the digital banking industry is already growing exponentially on the basis of AI development, data analytics, and blockchain. How banks will maintain that momentum by embracing cloud technology, automating backend processes, and enhancing their digital security frameworks remains to be seen. Banks must focus on offering personalized digital experiences through the availability of services around the clock on mobile platforms and scale up partnerships with fintech firms to bring in scalability at pace
3. ESG Commitment:
   With the world moving toward sustainable development, Indian banks are under compulsion to make lending in complete harmony with ESG goals. For a start, green project financing, support for renewable energy, and reduction of carbon footprint should emerge from their operations. ESG reporting will bring about greater transparency, hence attracting global investors attuned to ethical business and sustainability.
4. Improvement in Tech and Operational Resilience:
   Although the banking infrastructure in India has been digitized, it increases the vulnerability quotient to cyber attacks and other such operational breaks. It is very important for banks to strengthen cybersecurity frameworks, good disaster recovery plans, and resilience in technology and operation to help long-term economic growth. Since this will involve long investment in secure digital infrastructure and a regulatory framework, it’s very important to have very constructive regulation in ensuring this can be used effectively.
5. Talent Development and Innovation:
   A strong banking system is unimaginable without skilled manpower specializing in AI, data analytics, and fintech. For this reason, banks will have to invest in their workforce for upskilling and encourage an innovative culture within the organization. The collaboration with leading educational institutions, technology hubs, and startups will help banks to be on equal footing at the global level.

These five critical measures will catapult Indian banks as the key driver to achieve the ambitious vision of Viksit Bharat 2047 in transforming India into a developed economy, a $30 trillion GDP with active prosperity for all.