Union Finance Minister Nirmala Sitharaman today stressed that meaningful progress can be achieved only when global expansion is aligned with local needs, especially in the banking sector. She was speaking at the inauguration of the Maharashtra regional local head office of the State Bank of India (SBI) in Pune.

 

Highlighting the role of banks, Sitharaman said that even as institutions grow in scale, maintaining close connections with customers remains essential. While digital banking and artificial intelligence (AI) are transforming the sector, she emphasised that direct human interaction and emotional understanding should not be lost.

 

Speaking on the Indian economy, she noted that its strength lies in a large domestic market with strong consumption. Although exports are crucial for generating value and revenue, current global challenges have impacted them. However, she appreciated Indian exporters for identifying new markets and continuing operations.

 

She underlined that sustained economic growth depends on consistent support to key sectors such as agriculture, manufacturing, services, tourism, and information technology. In this process, banks have a vital role in providing financial backing and stability.

 

Referring to the vision of “Developed India 2047,” Sitharaman said the banking system must evolve to meet future demands. She announced that a committee would be formed to guide necessary reforms and preparedness.