By Business Desk,Mohammad Haris,News18

Copyright news18

Finance Minister Nirmala Sitharaman has said India’s resilience stands out in an uncertain global environment, with favourable factors such as a young population, strong domestic demand and sound macroeconomic fundamentals driving growth.
“Amidst this uncertain global environment, India’s resilience stands out. Several favourable factors, such as strong macroeconomic fundamentals, a young demography and greater reliance on domestic demand, provide core strength to the Indian economy to withstand global spillovers and grow at a higher aspirational trajectory,” she said.
FM Sitharaman was speaking at the 91st Foundation Day of Bank of Maharashtra on Wednesday, September 26.
She said the country’s economic strength is the result of deliberate policies.
The minister highlighted that post-COVID, India rebounded strongly with average annual growth of around 8% between 2021-22 and 2024-25, and recently recorded 7.8% GDP growth in the April-June quarter.
“India’s resilience is not accidental. They reflect proactive fiscal and monetary policies, bold structural reforms, massive infrastructure creation, both physical and digital, improved governance and enhanced competitiveness over the last decade,” she added.
Sitharaman pointed out that global rating agencies have recognised this strength. S&P upgraded India’s sovereign credit rating to BBB from BBB- in August 2025, Morningstar DBRS upgraded it to BBB in May, and Japan’s R&I raised it further to BBB+.
Turning to the performance of Bank of Maharashtra, she said the lender had outperformed peers with a Return on Assets (RoA) of 1.8% in FY 2024-25, compared to the public sector average of 1.1%. Its Cost to Income Ratio (CIR) of 38.4% was the lowest among PSBs, and its CASA ratio of 53.3% was also the highest. As of June 30, 2025, the bank’s Gross NPA stood at 1.74% and Net NPA at 0.18%, both at multi-year lows.
The bank’s total business grew 14% year-on-year to Rs 5.46 lakh crore, with deposits crossing Rs 3 lakh crore. Retail advances surged 35% to Rs 71,966 crore, while MSME advances grew by 5.65%. Its financial inclusion drive has helped open 1.21 crore Jan Dhan accounts, enrolled millions under government insurance and pension schemes, and disbursed nearly Rs 33,000 crore under PM-MUDRA loans.
Sitharaman underlined the critical role of banks in a volatile global landscape.
“With uncertainty remaining a defining feature of the global landscape, the role of banks becomes even more critical, not just as custodians of savings, but as engines of growth, providing the finance and support that businesses and entrepreneurs need to navigate volatility, seize opportunities and drive innovation,” she said.
She urged lenders to prioritise customer trust and grievance redressal.
“One principle which we can never forget to adhere is adhering to the core principle of customer trust which is the foundation of banking. Every complaint must be seen as an opportunity to improve, innovate and reinforce trust,” she said.
On digitalisation, she noted the global recognition of India’s UPI model.
“A recent IMF note highlights the potential of UPI’s interoperable design as a model for the world. It is, however, important to remember that digitalisation alone is not enough. Integrity, empathy and human judgment remain irreplaceable,” Sitharaman added.
She concluded by saying that the strong performance of Indian banks reflects the broader strength of the economy.
(With Inputs from ANI)