On Friday, Nirmala Sitharaman, the finance minister, urged banks to embrace innovation and digital transformation, highlighting the necessity of adjusting to shifting consumer demands and technology breakthroughs.
She made the following statement during a State Bank of India (SBI) ceremony when she electronically opened 70 new branches and 501 female customer service locations nationwide: "With a legacy spanning 218 years, SBI symbolises resilience, trust, and a relentless digital-first approach."
She emphasized that through its efforts in digital banking, financial inclusion, and rural development, SBI has had an impact on society in addition to its financial success. In order to keep its position as the industry leader, she urged SBI to keep embracing technology and sustainability.
"The banking industry needs to keep innovating and taking the lead as the world changes quickly. "I have faith that SBI will be able to handle the situation," she stated.
Sitharaman pointed out that the banking industry in India is growing in spite of a shifting regulatory landscape and heightened competition from fintech companies and other newcomers. "Institution like SBI must continue to innovate with the rise of tech-savvy customers and their demand for personalized, on-the-go banking," she stated, adding that change should be viewed as a continuous process.
The minister also emphasized the bank's support to economic growth and its role in carrying out a number of significant government programs.
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