Nirmala Sitharaman Says Banking Sector Needs To Continue Focus On Innovation

The minister added that SBI has strengthened its infrastructure, set up a robust monitoring and control framework, and developed a talent pool of professionals. 

The minister highlighted the State Bank of India will accept technology, inclusivity, and sustainability as its guiding principles.

Source : PTI

Finance Minister Nirmala Sitharaman on Saturday said that the banking sector should continue to focus on innovation and change as the global landscape evolves. 

Speaking at the launch of the Platinum Jubilee celebrations of Foundation Day of State Bank of India (SBI), Sitharaman lauded the lender and said that it has continued to evolve to meet the dynamic landscape and maintained its position as the market leader despite regulatory tightening, reported PTI. “The world is changing rapidly, and the banking sector must continue to innovate and also to lead,” she noted.

SBI Has Become More Competitive Than Ever Before: Sitharaman

The minister highlighted the State Bank of India will accept technology, inclusivity, and sustainability as its guiding principles. “SBI is reinventing its personal distribution channels to align with evolving customer expectations. As the largest commercial bank in the world's most populous nation, catering approximately to about 5.6 per cent of the global population, SBI has become more agile and competitive than ever before," she pointed out.

"SBI is now ideally positioned to deliver superior value creation through sustainable growth. SBI aims to achieve this by enhancing its operational excellence across lending performance, asset quality, profitability and capital generation, thereby driving wealth creation,” Sitharaman shared.

 

The minister added that to help move ahead on this trajectory, SBI has strengthened its infrastructure, set up a robust monitoring and control framework, and developed a talent pool of professionals. 

Over the last 70 years, SBI’s customer base notably climbed to over 51 crore, while the lender’s overall business grew to Rs 87 lakh crore. The bank current employs a workforce of over 2.37 lakh individuals.