New Delhi: Dr. P.K. Mishra, Principal Secretary to the Prime Minister, Saturday addressed the 20th Annual Convocation of the National Institute of Bank Management (NIBM) in Pune, Maharashtra.
Dr. Mishra said, “Countries across the world are now studying India’s digital public infrastructure architecture with great interest. India is helping shape global thinking on inclusive digital finance”.
” A digital payment system is not merely technology. It is a bridge between informality and formal economic participation, between exclusion and opportunity, between invisibility and economic identity,” he noted.Underscoring the Unified Payments Interface (UPI) as a prime example of democratization, Dr. Mishra pointed out its growth to over Rs 24,000 crore annual transactions. He added that this mass interoperable system generates vital data trails, allowing those without traditional collateral to build credit histories. He highlighted that technology is fundamentally changing who can access financial services.
Dr. Mishra asserted that integrating finance with digital identity and mobile connectivity has dismantled long-standing barriers to reach the population at scale. He showcased the JAM Trinity (Jan Dhan, Aadhaar, and Mobile) and the Direct Benefit Transfer (DBT) architecture, noting they have transferred over ₹50 lakh crore while saving ₹4 lakh crore in systemic governance. He described these tools as a fundamental bridge to economic identity.
“Dr. Mishra further emphasized that financial inclusion must translate into productive economic opportunities through schemes like the Pradhan Mantri Mudra Yojana, which has sanctioned over ₹40 lakh crore. He noted that programs like PM SVANidhi and PM Vishwakarma ensure tailored growth for marginalized artisans, freeing them from exploitative informal credit.
“These multifaceted initiatives, firmly anchored by foundational elements like Jan Dhan and Aadhaar, owe their existence to sound policymaking and the exceptionally strong political will of the Prime Minister,” he stated.
Integrating finance with social security, Dr. Mishra cited Ayushman Bharat and various PM pension schemes as vital for building resilience against medical or crop failures. He explained that this synergy ensures financial access supports long-term human development. He cautioned, however, that the next phase must move beyond mere access toward sustained economic participation.
Reflecting on NIBM’s five-decade legacy as the apex banking think-tank, Dr. Mishra highlighted the critical importance of institutional excellence.He urged the graduating class to internalize this evolving scope.
Addressing the young graduates directly, Dr. Mishra implored them to carry a larger public purpose into their corporate careers.
“The finest financial professionals are those who combine technical excellence with human understanding,” emphasized Dr. Mishra.
Sanjay Malhotra, Governor, Reserve Bank of India, and Prof. Partha Ray, Director, National Institute of Bank Management (NIBM) were present on this occasion.
