State Bank of India Chairman C.S. Setty has underlined the crucial role of the banking sector in supporting India’s economic transformation, emphasising that banks will remain central to infrastructure financing, digital expansion and inclusive development.
Speaking at a recent industry event, Setty said India’s banking system is now better capitalised, technologically stronger and more resilient than in previous decades. He noted that the country’s growth ambitions, including manufacturing expansion, infrastructure development and financial inclusion, would require sustained support from banks.
The SBI Chairman highlighted that Indian banks are increasingly adopting digital technologies, data analytics and Artificial Intelligence to improve customer service, operational efficiency and risk management. He added that digital banking has significantly expanded financial access across urban and rural India.
Setty also pointed out that India’s economic progress will depend heavily on responsible credit growth, stronger governance frameworks and continued investment in innovation. According to him, banks must balance growth opportunities with prudent risk management practices in an evolving global environment marked by geopolitical uncertainty, inflationary pressures and technological disruptions.
He further stressed the importance of strengthening customer trust, improving cyber resilience and supporting emerging sectors of the economy. The remarks reflect the broader transformation underway in India’s banking industry as institutions focus on sustainability, technology adoption and long-term economic development.
Industry experts believe the banking sector will continue to play a vital role in supporting India’s ambition of becoming a major global economic powerhouse over the coming decades.
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