TransUnion CIBIL hosted a Financial Inclusion Conclave on Tuesday at Hotel Marriot, Hyderabad, where NAFCUB Director and Working President of Telangana State Cooperative Urban Banks Federation Madana Gopala Swamy delivered the keynote address.
In his speech, Swamy highlighted India’s rapid digital transformation in banking, such as 24/7 RTGS/NEFT services and the global success of UPI.
He emphasized the government’s financial inclusion initiatives, like the Pradhan Mantri Jan Dhan Yojana, and stressed the importance of adopting data-driven lending to boost the New to Credit (NTC) segment, especially in rural and semi-urban areas.
Swamy also discussed the Reserve Bank of India’s guidelines on digital lending and underscored the significance of MSMEs, which contribute 45% to the GDP and provide 62% of employment, as a priority sector for banks. He outlined Telangana’s recent MSME policy, offering incentives to women and weaker sections of society.
Additionally, Swamy addressed the challenges faced by UCBs, including increased Priority Sector Lending targets and competition from larger banks and NBFCs in MSME and consumer financing sectors.
The conclave was attended by representatives from Telangana Grameena Bank, Telangana State Apex Bank, and other Urban Cooperative Banks (UCBs) operating in the state.