The PSB Alliance Annual Strategy Meet 2026 was held today in New Delhi, bringing together senior stakeholders to review progress and outline the future roadmap of the Alliance.

Addressing the gathering, the Secretary, Department of Financial Services (DFS), highlighted the transformation of PSB Alliance from a support platform into a strategic partner for banks. Emphasising the convergence of technology, data and purpose, the Secretary noted that PSB Alliance is playing a key role in building an inclusive, efficient and innovative banking ecosystem. The contribution of PSB Alliance initiatives towards improving Net Interest Margin (NIM) and reducing the Cost to Income Ratio of banks was also underscored.

On the occasion, the Secretary, DFS launched two major digital initiatives — the BAANKNET (Bank Assets Auction Network) Mobile App and the Digital Balance Confirmation Platform (DBCP).

It was noted that BAANKNET has already introduced greater structure and transparency in the auction of bank-owned properties. The newly launched mobile app will further enhance accessibility by enabling citizens across the country to view verified bank properties anytime and anywhere. This is expected to empower common citizens, broaden participation in auctions, and support banks in achieving faster and more efficient recoveries.

Speaking about the Digital Balance Confirmation Platform (DBCP), the Secretary stated that the platform represents a significant advancement in improving efficiency and transparency in the audit process. The initiative aims to progressively eliminate manual balance confirmation certificates, thereby reducing delays, errors and compliance burdens.

The Secretary, DFS advised PSB Alliance to expand its shared services ecosystem beyond Public Sector Banks (PSBs), enabling wider adoption of common digital solutions across the banking sector. Stressing the importance of inclusive growth, the Secretary also highlighted the need for inclusive credit strategies to bring unbanked and underbanked populations into the formal financial system.

Additionally, PSB Alliance was encouraged to develop and offer common digital lending solutions for smaller banks, which would help them reduce overhead costs, improve operational efficiency and enhance credit delivery.

The Annual Strategy Meet reaffirmed PSB Alliance’s commitment to leveraging technology-driven, collaborative solutions to strengthen India’s banking sector and advance the goals of financial inclusion and transparency.