Chennai, Sept. 2 -- The empowerment of farmers and the rural economy should be a priority of India's banking sector, President Droupadi Murmu said while addressing the 120th foundation day celebrations of City Union Bank at Chennai, Tamil Nadu, on Tuesday.

President Murmu also said that banks can play an important role in transforming MSMEs into the engines of growth.

"From start-ups to smart cities, there is a whole range of areas in which banks can help. Banks can become active partners in the making of a developed India," she said.

The President said that despite progress in the area of financial services, several challenges are still faced in terms of digital literacy, internet access, and financial awareness.

"Payment banks, digi...