Kolkata, 30 October 2026: Banks must go beyond their traditional role of providing credit and actively facilitate investments to unlock West Bengal’s economic and industrial potential, said Dr Ashok Lahiri, Vice Chairman, NITI Aayog, while addressing the CII 19th Banking Colloquium in Kolkata on Friday.
Speaking on the theme ‘Banking Beyond Credit: Powering Eastern India’s Industrial Growth’, Dr Lahiri highlighted the importance of strengthening the relationship between banking, investment and industrial development. He emphasised that banks could play the role of facilitators and matchmakers by connecting businesses with appropriate financial resources and investment opportunities.
Referring to India’s Credit-to-Deposit (CD) ratio of approximately 80%, compared with around 360% in China, Dr Lahiri pointed out significant regional disparities in credit deployment. In 2023, the Southern Region recorded a CD ratio of 93.6%, while the Eastern Region registered only 47.5%. He noted that the relatively low ratio in Eastern India reflected challenges in generating bankable investment opportunities and productive economic activities.
Highlighting West Bengal’s economic position, he observed that the State’s share of the national population was higher than its contribution to national income. With per capita income of approximately ₹2 lakh, below the national average, the State needed greater industrial modernisation, productivity enhancement and investment-driven economic expansion.
Dr Lahiri identified large-scale infrastructure development, including the proposed development of a deep-sea port, and the expansion of both large industries and MSMEs as important measures to attract investments. He stressed that banks could support this transformation by connecting entrepreneurs with investors, facilitating institutional credit and helping smaller enterprises grow into larger businesses.
Mr Rudra Chatterjee, Deputy Chairman, CII Eastern Region, Managing Director, Luxmi Group and Chairman, Obeetee, emphasised the need to strengthen the MSME ecosystem and create opportunities for small enterprises to scale up into larger businesses.
Mr Prithish Chowdhary, Vice Chairman, CII West Bengal State Council and Deputy Managing Director, Titagarh Rail Systems Ltd, said West Bengal must recognise and realise its economic potential to attract greater investments. Referring to the presence of prominent banking institutions such as SBI, Bandhan Bank and UCO Bank, which have their origins in the State, he highlighted the need to channel more capital towards productive investments.
Citing RBI data, Mr Chowdhary pointed out that the Western Region accounted for ₹61.89 lakh crore in scheduled commercial bank credit, compared with ₹13.61 lakh crore in the Eastern Region. He stressed that West Bengal must convert its strong MSME base and economic capabilities into bankable projects capable of generating investments and employment.
Mr C.S. Ghosh, Chairman, CII ER Banking Colloquium and Chairman, Bandhan Group, underlined the importance of developing a banking ecosystem that actively supports financial and economic growth. He said Eastern India possessed considerable strengths in natural resources, industrial corridors, educational institutions, connectivity, renewable energy and manufacturing. Greater integration with domestic and international supply chains, supported by technology and capital, would be essential to unlocking the region’s potential.
Mr Bijay Murmuria, Chairman, CII ER Financial Services Subcommittee and Director, Sumedha Fiscal Services Ltd, observed that Eastern India had significant advantages in connectivity, human capital and emerging business opportunities. However, these strengths needed to be translated into enterprise development and employment generation through improved capital availability.
Mr Samir Agarwal, Co-Chairman, CII ER Financial Services Subcommittee and Director, Indcap Advisors Pvt Ltd, also highlighted the evolving role of banks as enablers of investment and economic growth rather than merely providers of credit.
The CII 19th Banking Colloquium, organised in Kolkata under the theme ‘Banking Beyond Credit: Powering Eastern India’s Industrial Growth’, witnessed participation from more than 300 delegates. The discussions brought together policymakers, regulators, banking professionals and industry leaders to deliberate on improving capital flows, strengthening MSMEs and accelerating industrial development across Eastern India.
photo Caption (Left to right):
Ms Akanksha Chaturvedi, Chairperson, CII ER NextGen Subcommittee and Executive Director & Chief Growth Officer, Gainwell Commosales Pvt Ltd; Mr Rudra Chatterjee, Deputy Chairman, CII Eastern Region and Managing Director, Luxmi Group & Chairman, Obeetee; Dr Ashok Lahiri, Vice Chairman, NITI Aayog; and Mr CS Ghosh, Chairman, CII ER Banking Colloquium and Chairman, Bandhan Group.
