Chintan Shivir Encourages Fresh Perspectives and Creative Ideas on Role of Financial Institutions for Viksit Bharat@2047

Experts discuss banking, cyber security, financial inclusion and ensuring a fully insured and pensioned society by 2047

Secretary, DFS emphasises enhancing Credit-GDP ratio, making financial institutions agile and exploring new ways of financing

A Chintan Shivir of the Department of Financial Services, Ministry of Finance was held at Coorg, Karnataka on 13^th and 14^th February 2026. The event was attended by Secretary DFS, Shri M. Nagaraju, all senior officers and departmental staff, apart from the senior leadership of PSBs, PSICs and DFIs. Experts from public policy as well as practitioners from various fields of financing presented their views and ideas, as well as reflected on the department's role in fostering collaborative and innovative solutions for public policy challenges in the areas of banking and finance.

The primary objective of this shivir was to encourage fresh perspectives and creative ideas towards achieving the goal of Viksit Bharat@2047 and the role of financial institutions. The event witnessed active participation from all stakeholders, with vibrant discussions focusing on the pivots that the banking and other financial services participants need to take in the strategic context of Viksit Bharat.

In his address, Shri M. Nagaraju, Secretary, DFS, stressed upon the need of enhancing the Credit to G.D.P ratio, making our financial institutions more agile and exploring new ways of financing at a larger scale in line with the goals of Viksit Bharat. The Secretary stated that the ideas generated during the session will pave the way for a shared vision and plan of action for the Department and its financial institutions.

In his speech, Dr. K. P. Krishnan, former Secretary, M/o Skill Development & Entrepreneureship, emphasized upon the need of some more GIFT Cities in India, a robust and thriving Bond Market, reduction in cost of intermediation etc.

Shri Amitabh Kant, former CEO, NITI Aayog, while addressing the gathering, indicated about the key role of Banks for financing of MSMEs, requirement of Jan Vyapar on the lines of Jan Aadhar and developing appropriate rule-based instruments for further reducing the Cost of Doing Business.

Other eminent experts, panellists and participants also discussed in detail on a range of topics such as Banking & Cyber Security, Financial Inclusion, ensuring a Fully Insured & Pensioned Society by 2047. A number of ideas including replicating the concept Shadow CEO, autonomous organisation, digital trust, knowledge Half Life, innovative ways of increasing investment, exploring new insurance and pension products, increasing financial literacy and ways of becoming more resilient financial system in the dynamically changing global order, emerged during discussions.

Sessions on Top Team Effectiveness, Mindfulness and Well-being were also held where participants experienced the importance of building high-performing teams, fostering trust and collaboration along with practicing mindfulness for stress management and promoting a culture of well-being to drive sustainable organizational growth.

Chintan Shivir, 2026 reasserted that the future of Indian financial institutions will be shaped by bold ambitions and transformative purpose, with PSBs/PSFIs playing a central role in advancing national priorities and aspiring to emerge as institutions of global standing.

Credit to G.D.P. ratio reform to expand financing and make financial institutions more agile for national development. The Department of Financial Services convened a policy shivir to solicit strategic reforms to align banking and financial services with Viksit Bharat@2047, focusing on enhancing the Credit to G.D.P. ratio, increasing agility of public financial institutions, deploying new large scale financing mechanisms, deepening the bond market, reducing intermediation costs, strengthening banks' role in MSME financing, and promoting insurance and pension product innovation alongside financial inclusion and cyber security to build a more resilient financial system.