Finance Minister Nirmala Sitharaman with Challa Sreenivasulu Setty, Chairman of State Bank of India during the 12th SBI Banking and Economics Conclave 2025 in Mumbai
“We Indians are known for going abroad and saying a few words of French, Spanish or Japanese because we want to please the host. It’s basic etiquette.
“And the one fact that I cannot defend on behalf of the public sector banks (I am not talking about the private banks at all) is that because of our HR policies, we are sending people with different mother tongues to different areas. I don’t blame the policies, but not a word of the local language is being spoken,” Sitharaman said in response to SBI chairman CS Setty’s question on the improvements that banks need to make.
The minister, who addressed the SBI’s annual banking and economics conclave, underlined that that little bit of contact that is required with a bank’s local customers is not there.
“You have to let that element come. Technology can be many things. DPI (digital public infrastructure) can bring great benefits, efficiency, productivity and profits, but that human touch is what many of the earlier private banks had that were later nationalized. I have heard stories after stories in my family about how they [bankers] would go to the villages and meet the customers. You don’t have to toil like your predecessors did. But you have to have that touch. I would consider that a very big element for your growth. Please don’t be seduced by technology-related growth alone. There are people out there. Connect with them,” Sitharaman said.
access to financing
In her speech, she noted that access to finance is absolutely crucial. Banks must continue to play that role and ensure that we broaden and deepen the flow of credit. A system-driven, transparent credit process is essential.
“We have global headwinds… Capital movements are becoming speculative… Volatility and uncertainty are everyday language. India is the only country that I see offering stability even in this kind of very troubled world,” the minister said.
Published on November 6, 2025
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