“The future depends on what you do today.”- Mahatma Gandhi.

Mahatma Gandhi, the Father of the Nation, remains a fountainhead of ideological inspiration not only for Indians but for the world at large. His ideas, teachings and philosophy have inspired people over the years. Bapu's life amazes us with his strength of character, while his struggle for India's freedom is all about his incredible patience, self-belief and persistence towards the goal of Independence. His teachings and philosophies remain uniquely relevant.

Mahatma's views on banking are eternal and closely tied to the philosophy of self-sufficiency, simplicity, and economic empowerment for the masses. He believed that financial Independence was essential for India's freedom from British colonial rule and that a decentralised and self-reliant economic system was crucial for the nation's well-being.

Gandhiji's thoughts on banking and investment decisions stand out in his famous quote, "The future depends on what you do today". People often make the mistake of postponing tomorrow's investment plans while enjoying their earnings "today". Indian banks are endeavouring to bring in financial discipline for the prosperity of commoners by recommending financial goals while providing expert financial advice.

Mahatma Gandhi said there is more to life than simply increasing its speed. The maxim is relevant regarding the importance of patience and steadiness while investing. No one should fall for dubious schemes offered by little-known firms that show the dream of quick money. Avoid investing the savings in risky-looking plans.

Mahatma Gandhi said a living trust lasts even during the blackest storm. Keeping the faith is the mantra of life. Keeping hope alive in challenging markets while learning from mistakes early in investment decisions, especially in the share market, brings good returns. 

Mahatma Gandhi also said that freedom is of no worth if it does not allow you the freedom to make mistakes. Making commercial errors but identifying the same as a coarse correction is true investment wisdom.

Mahatma Gandhi said that it is essential to do things even though they may seem insignificant at the present moment. Investing ₹ 500 per month at the beginning of a career may seem like a meager amount, but the amount accumulated by retirement gives significant relief. The success of managing personal finance is due to the simple and sure-footed approach towards life that Gandhiji adopted and preached.

Gandhiji's economic and banking ideas were rooted in his time and context, but his principles continue to resonate in sustainable and ethical economics and banking today:

Decentralised Economy: Gandhiji advocated for a decentralised economy that promoted local self-sufficiency. He believed that villages should be the foundation of India's economic structure and that local industries should flourish to cater to local needs. He was skeptical of centralised banking systems that could control and manipulate economic activities.

Local Banking and Self-Reliance: Gandhiji supported the idea of local, community-based banking. He believed in the importance of cooperative credit societies and local savings for productive purposes within the community. He saw these initiatives as a means to foster self-reliance and economic empowerment at the grassroots level.

Boycott of Foreign Goods and Institutions: As part of his philosophy of nonviolent resistance, Gandhiji encouraged Indians to boycott British institutions, including banks. He believed that by boycotting foreign goods and institutions, Indians could exert economic pressure and demonstrate their desire for self-governance.

Simple Living and Financial Prudence: Gandhiji emphasised the virtues of simple living and financial prudence. He believed individuals should live within their means, avoid unnecessary expenses, and save for the greater good. He advocated for ethical and mindful consumption.

Distrust of Large Corporations: Gandhiji was wary of large corporations and their potential to exploit resources and labour. He preferred small-scale cottage industries that could provide employment and sustenance to more people.

Integral Human Development: Gandhiji's economic ideas remain closely tied to his vision of critical human development, encompassing physical, mental, and spiritual well-being. He believed that economic activities align with dimensions of human growth.

Gandhian philosophy is the script of Indian banking. It encompasses excellent self-discipline, emotional control, tremendous patience, and the ability to see and persist in the long run and learn from mistakes – virtues that help deal with personal finance and investment complexities by Indian banks.

Aspiring investors draw inspiration from Mahatma Gandhi's life and lessons, and the integrity he professed in his life inculcates financial wisdom. 

Next time there is a wad of currency notes in your hand, and you are wondering what to do with it, ask the wise man with the disarming smile peeking out of those notes. You will find your answer in the life and teachings of Mahatma Gandhi.

Rightly said, “The real meaning of economic equality is “To each according to his need.”— Mahatma Gandhi.