India to have a competitive, viable banking sector by 2047, says DFS Secretary
banking sector by 2047 with substantial Indian ownership, universal access to banking and other financial services for all our citizens at the lowest intermediation costs, financial services secretary Vivek Joshi said.
Speaking on the NextGen Reforms at the CII Global Economic Policy Forum 2023, Joshi said cybersecurity and digital data protections will be an area of concern and emphasised on a need for continuous review of financial reforms to identify regulatory gaps and overlaps and benchmark them with the best global practices.
“The expenditure on cyber security arrangements needs to be enhanced by all stakeholders.
Further, all the relevant entities need to be prepared to protect and secure digital personal data of their clients as part of the stipulated regulatory norms laid down under the digital Personal Data Protection Act 2023,” he said.
According to Joshi, India’s financial sector needs to support capital formation, promotion of trade and business investment in MSMEs, enabling them to scale up.
“There is a need for us to further deepen our capital markets with active participation from diversified investors,” he said, adding that India's financial system needs to provide much needed insurance protection and retirement security for all the Indians.
Sharing the government’s vision for 2047, Joshi said, the real GDP growth rate will have to be on an average around 7%-7.5% per annum over a quarter of century starting at 8%.
“For the first decade, the other growth must be equitable employment generating growth when requirements have adequate level of resources and efficient utilization of those resources are imperative,” he said.
Joshi further suggested that India must move towards database lending instead
