FM Highlights Surge in Demand for Tech-Driven, Customised Banking

Finance Minister Nirmala Sitharaman has emphasised the growing demand for innovative and on-the-go banking services in India, driven by favourable demographics and rising digital adoption. Speaking at the virtual launch of State Bank of India’s platinum jubilee celebrations, she noted that the entry of new banks and non-bank entities, coupled with stringent regulation, presents both opportunities and challenges for established financial institutions. Sitharaman inaugurated 70 new branches and 501 women-led customer service points (CSPs) as part of the celebrations. Commending SBI’s adaptability, she said the bank has remained agile and competitive despite recent disruptions, and is well-positioned to generate sustainable growth through operational excellence in lending, asset quality, and capital generation.