Bengaluru, Feb 14 (IANS) A two-day Chintan Shivir of the Department of Financial Services (DFS), Ministry of Finance, was held in Coorg, Karnataka, on February 13 and 14, 2026.
The primary objective of the Chintan Shivir was to encourage fresh perspectives and generate creative ideas towards achieving the goal of Viksit Bharat by 2047, and to define the role of financial institutions in supporting this vision.
Experts from public policy and practitioners from various fields of finance presented their views and ideas, and reflected on the department’s role in fostering collaborative and innovative solutions to public policy challenges in the banking and financial sectors.
The event witnessed active participation from stakeholders, with detailed discussions focusing on the strategic shifts required in banking and financial services to align with the objectives of Viksit Bharat.
In his address, M. Nagaraju, Secretary, Department of Financial Services, stressed the need to enhance the credit-to-GDP ratio, make financial institutions more agile, and explore new avenues of financing at scale in line with the goals of Viksit Bharat.
He said that the ideas generated during the sessions would help shape a shared vision and action plan for the Department and its financial institutions.
In his address, K.P. Krishnan, former Secretary, Ministry of Skill Development and Entrepreneurship, emphasised the need for more financial hubs such as GIFT City, the development of a robust bond market, and the reduction of intermediation costs.
Amitabh Kant, former CEO of NITI Aayog, highlighted the important role of banks in financing MSMEs and stressed the need for initiatives such as Jan Vyapar, on the lines of Jan Aadhaar, as well as the development of rule-based instruments to further reduce the cost of doing business.
Other experts, panellists, and participants also held discussions on a range of topics, including banking and cyber security, financial inclusion, and ensuring a fully insured and pension-covered society by 2047.
Several ideas emerged during the discussions, including replicating the concept of Shadow CEO, building autonomous organisations, strengthening digital trust, exploring innovative ways to increase investment, developing new insurance and pension products, enhancing financial literacy, and improving the resilience of the financial system in a rapidly changing global environment.
The Chintan Shivir 2026 reaffirmed that the future of Indian financial institutions will be shaped by ambitious reforms and strategic transformation, with public sector banks and public sector financial institutions playing a key role in advancing national priorities and aspiring to achieve global standards.
–IANS
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