FM pushes deposit drive and digital reform.
At a two-day meeting with bankers, Finance Minister Nirmala Sitharaman said banks must focus on Gen Z and deposit mobilization to support “Viksit Bharat 2047”.
With NPAs at record lows, banks are in a position to reform. Seven themes were discussed: deposit mobilization, banking for youth, investment cycle, global capability centers, agriculture value chain, priority sector lending, and credit cards.
The FM noted that 29% of Indians are 15-29. Household debt is rising, and banks must offer flexible products with better returns. “It won’t be easy to attract deposits, but this is the safest asset for income earners,” she said.
Bankers suggested structured deposit products and better credit flow for GDP growth. The government will also form a high-powered panel on banking reforms.
Separately, the FM asked states to fix land, connectivity and clearance bottlenecks for industrial corridors.
The message is clear: banks must move beyond traditional lending and design products for a young, digital India. With NPAs low and tech adoption high, the sector has a window to lead growth — if it can speak Gen Z’s language.