PSU banks to launch new products in 3-4 months to ramp up credit growth: Banking Secretary

Public sector banks in India are set to launch new financial products in the next three to four months to stimulate credit growth, according to Banking Secretary Vivek Joshi. The initiative aims to address the evolving needs of borrowers, particularly in sectors like MSMEs, retail, and infrastructure. Banks plan to introduce innovative loan schemes, digital lending solutions, and customized financial products to enhance access to credit. The move reflects the government’s efforts to drive economic growth by boosting liquidity and supporting underserved sectors. This push for innovation in banking services is expected to strengthen the credit ecosystem and align with India’s broader developmental goals.