Pune, Ap 25: Union Finance Minister Nirmala Sitharaman on Friday praised the State Bank of India (SBI) for establishing its Local Head Office for the Maharashtra Circle in Pune, emphasizing the critical role of banks in sustaining India’s long-term economic growth amid global uncertainties.

Speaking at the inauguration of the new SBI office in Pune, Sitharaman said the move would enhance banking outreach across Maharashtra. “I praise the State Bank of India’s decision to establish a local head office in Pune to serve the rest of Maharashtra,” she remarked.

She highlighted the resilience of Indian exporters despite global market challenges, noting that they continue to perform due to their ingenuity and ability to find new markets. Sitharaman stressed the need for continuous support for key sectors such as manufacturing, agriculture, tourism, and information technology to maintain India’s growth trajectory. “Unless these sectors are consistently supported, India’s growth story will be difficult to sustain, and banks have a very big role to play,” she said.

Announcing plans to form a committee for the future of Indian banking, Sitharaman said, “Indian banks need to adapt to future challenges. The committee will recommend changes to help Indian banking reach its potential by 2047.”

Her remarks came after a high-level meeting on Thursday with Union Minister for Electronics and IT Ashwini Vaishnaw, the RBI, NPCI, CERT-In, and heads of Scheduled Commercial Banks to assess risks from advanced AI models that could exploit software vulnerabilities.

While noting that Indian banks have largely avoided major cybersecurity incidents over decades due to sustained digitization, system upgrades, firewalls, and customer safety measures, Sitharaman cautioned that emerging AI threats are different and less understood. “Our past efforts to protect customers may not be sufficient. We need new and more versatile approaches to counter future threats,” she said.