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Finance Minister Nirmala Sitharaman said that we need to scale up banking to meet changing requirements in light of the shifting recent realities of the economy and industry. “India needs four or five more banks like the State Bank of India (SBI)," said Nirmala Sitharaman. 

She was delivering the keynote address at the 74th Annual General Meeting (AGM) of the Indian Banks' Association (IBA) in Mumbai today (September 26). She began her address by paying homage to all in the banking industry who lost their lives serving the nation through the COVID-19 pandemic.

“If we look at the post-COVID-19 scenario, India's banking contour will have to be very unique to India, where there has been an extremely successful adoption of digitization," the Finance Minister further said.

She further commended the level of digitization of Indian banks that helped the government to transfer money to small, medium and big account holders through digital mechanisms.

Talking about the challenges faced during the Covid-19 pandemic, she said, 

“A major challenge bankers faced particularly during the pandemic was the government's agenda of amalgamation of banks. This happened during the COVID-19 pandemic, even as banks were rushing to help those even in remote areas of the country. I appreciate bankers for ensuring that the amalgamation did not create any inconvenience to customers. You ensured that systems of different banks spoke to each other, ensuring there were no aberrations."

Prime Minister Narendra Modi has said that there needs to be a change and reset in our mindset and ways of living. This reset is what is going to occupy all of our minds, said Finance Minister Nirmala Sitharaman.

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