The two day Chintan Shivir of the Department of Financial Services, Ministry of Finance, concluded successfully in Coorg, Karnataka on Friday, with a strong focus on redefining the role of financial institutions in achieving the vision of Viksit Bharat 2047.
Held on 13 and 14 February 2026, the Shivir brought together Secretary, Department of Financial Services, Shri M. Nagaraju, senior officers and departmental staff, along with the leadership of Public Sector Banks, Public Sector Insurance Companies and Development Financial Institutions. Experts from public policy and practitioners from various domains of finance also participated, offering insights and strategic suggestions.
The primary objective of the Shivir was to encourage fresh perspectives and creative ideas to align the financial services ecosystem with the long term national goal of becoming a developed nation by 2047. Deliberations centred on the strategic pivots required in banking and financial services to support inclusive growth, higher investment and systemic resilience.
In his address, Shri M. Nagaraju emphasised the need to enhance the Credit to GDP ratio, make financial institutions more agile and explore new methods of financing at scale in line with the aspirations of Viksit Bharat. He underlined that ideas generated during the Shivir would help shape a shared vision and actionable roadmap for the Department and its institutions.
Dr. K. P. Krishnan, former Secretary, Ministry of Skill Development and Entrepreneurship, highlighted the importance of establishing more GIFT Cities in India, building a robust and vibrant bond market and reducing the cost of financial intermediation to strengthen capital formation and global competitiveness.
Shri Amitabh Kant, former Chief Executive Officer of NITI Aayog, underscored the critical role of banks in financing MSMEs and advocated the concept of Jan Vyapar on the lines of Jan Aadhar. He stressed the need for rule based instruments to further reduce the cost of doing business and enhance formalisation of enterprises.
The Shivir featured detailed discussions on key themes including banking and cyber security, financial inclusion and the goal of ensuring a fully insured and pensioned society by 2047. Participants explored ideas such as replicating the Shadow CEO concept, building autonomous organisational models, strengthening digital trust, addressing knowledge half life challenges, devising innovative strategies to increase investment, developing new insurance and pension products, enhancing financial literacy and creating a more resilient financial system in a rapidly evolving global environment.
Special sessions on top team effectiveness, mindfulness and well being were also conducted. These sessions emphasised the importance of building high performing teams, fostering trust and collaboration and integrating stress management practices to sustain organisational excellence.
The Chintan Shivir 2026 reaffirmed that the future of Indian financial institutions will be driven by bold ambitions and transformative purpose. Public Sector Banks and Public Sector Financial Institutions are expected to play a central role in advancing national priorities while aspiring to achieve global standards of excellence and competitiveness.
