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Bank’s role critical in providing best intermediation services

November 01, 2022

Bank’s role critical in providing best intermediation services

Banks will have to play a critical role in providing best financial intermediation services to India’s population which is going to become the largest in the world next year, the Reserve Bank Deputy Governor Michael Patra said.

He said the impetus for transformation has come calling as India already the fifth largest economy of the world prepares to be among the fastest growing economies and an engine of global growth.

By 2025- 26, India will match Germany and become the fourth largest economy of the world, and by 2027, it will surpass Japan and emerge as the third largest economy of the world, he said.

“India’s population will become the largest in the world next year and it’s youngest. It will demand the world’s best financial intermediation services. Banks will have a critical role in this transformation,” Patra said at a conference held last week.

He was speaking on the topic Fifty Years of Indian Banking Through the Lens of Basic Statistical Returns.

The deputy governor said the reach and spread of the banking network have improved the mobilisation of financial resources in the economy.

Important Links:

4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/

Tags:

Banksfinancial solutionsReserve Bank of India

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