President Murmu flags digital literacy, financial awareness challenges despite banking progress

President Droupadi Murmu said that despite banking sector growth, gaps in digital literacy, internet access, and financial awareness persist. Speaking at City Union Bank’s 120th Foundation Day in Chennai, she urged banks to prioritise farmers, MSMEs, and rural empowerment

Chennai: President Droupadi Murmu on Tuesday stated that, despite progress in the banking sector, several challenges remain in terms of digital literacy and financial awareness among the public.
Empowerment of farmers and the rural economy should be a priority for the banking sector, Murmu said at the 120th Foundation Day celebrations of Tamil Nadu-based City Union Bank.

Banks and financial technology companies offer user-friendly mobile applications and insurance products tailored for underserved communities. Payment banks, digital wallets, and banking correspondents have taken financial services to the doorsteps of remote villages, she said.

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Despite progress in this area, Murmu noted, several challenges persist in terms of digital literacy, internet access, and financial awareness. “With the combined efforts of all stakeholders, people can be better integrated with banking services through technology, digital, and financial literacy,” she said.

Further, banks can play a key role in transforming MSMEs into engines of growth. “By extending timely and affordable credit, offering financial literacy, and supporting agri-tech initiatives, banks can help in making agriculture sustainable and profitable. Banks can play an important role in transforming MSMEs into the engines of growth,” she said.

Tamil Nadu Governor R N Ravi, Union Finance and Corporate Affairs Minister Nirmala Sitharaman, TN Minister for Social Welfare and Women Empowerment Geetha Jeevan, City Union Bank Chairman G Mahalingam, the Bank’s MD and CEO N Kamakodi were present on the occasion.