The Financial Services Secretary, Mr M. Nagaraju, today said that the Indian economy is growing well and the banking sector continues to remain stable despite various challenges. Delivering the keynote address at the Indian Banks’ Association – IBA Summit on Risk Management in Mumbai, Mr. Nagaraju said banks must embed risk management in all their functions. 

 

Hailing the Indian economy’s robust trajectory amidst compounding international challenges such as global tariff issues and geopolitical conflicts, Mr. Nagaraju believes further strengthening the risk culture will provide the Indian banking sector with an ultimate competitive edge in the era of global uncertainty.

 

Underlining the critical importance of customer protection against emerging cyber vulnerabilities, Mr. Nagaraju said banks must ensure that customers, particularly small businesses, senior citizens, first-time digital users and the vulnerable segments, are adequately protected.

 

The secretary also praised the executive leadership of public sector banks for systematically reducing non-performing assets and promoting growth in credit across agriculture, MSME, and corporate sectors.