MUMBAI: Finance minister Nirmala Sitharaman on Friday called upon banks to embrace innovation and digital transformation, emphasising the need to adapt to changing customer expectations and technological advancements.
At an event in State Bank of India (SBI), where she virtually inaugurated 70 new branches and 501 women customer service points across the country, she said: “With a legacy spanning 218 years, SBI symbolises resilience, trust, and a relentless digital-first approach.”
She stressed that SBI’s journey is not just about financial success but also about its impact on society through initiatives in financial inclusion, rural development, and digital banking. Looking ahead, she urged SBI to continue embracing technology and sustainability while maintaining its leadership in the sector. “The world is changing rapidly, and the banking sector must continue to innovate and lead. I am confident that SBI will rise to the occasion,” she said.
Sitharaman noted India’s banking sector is expanding amid a changing regulatory environment and increased competition from new entrants, including fintech firms. “With the rise of tech-savvy customers and their demand for personalized, on-the-go banking, institutions like SBI must continue to innovate,” she said, adding that transformation should be seen as an ongoing process.
The minister also underlined the bank’s role in implementing several major Govt initiatives and its contribution to economic growth.
Banks must continue to innovate & transform: FM Sitharaman
