Maintain human interface despite digital push: Nirmala Sitharaman to banks

Pune: Union finance minister Nirmala Sitharaman said on Friday that banks must maintain a "human interface" while serving customers, despite the ongoing massive push towards digitisation.Speaking in Pune at the inauguration of the State Bank of India (SBI)'s local head office, the finance minister underscored the balance between technology and personal service."Digitisation should happen; it brings in greater inclusivity. But as this shift occurs, we must ask ourselves whether we are becoming distant from our customer base," she said. Sitharaman noted that while digital inclusion allows customers to perform many functions via their phones, significant financial decisions often require professional guidance. "There are critical decisions where the customer requires hand-holding by bankers," she added.The finance minister also called on banks to prioritise funding for legacy industrial clusters, particularly in the micro, small, and medium enterprises (MSME) sector. Highlighting Maharashtra's industrial heritage, she pointed out that the eastern and south-eastern districts of the state have hosted legacy clusters for generations and require sustained financial support.Addressing the current global economic climate, Sitharaman stated that banks play a pivotal role in boosting domestic consumption during times of international turmoil."Domestic consumption has stood by us well when global markets are in a churn and exports are taking a beating. No doubt, despite tariffs and other challenges, our exporters have been able to find newer markets and keep exports afloat," she said.Regarding the challenges posed by emerging technologies, such as AI model Mythos and its threat to global cybersecurity, the finance minister assured that Indian banks are well-prepared.She said the Ministry of Electronics and Information Technology (MeitY) is in active discussions with global authorities, foreign governments, and technology firms to understand the evolving landscape. "We have always been protective of our customers, but that may not be sufficient. We need something far more versatile to counter the newer, sophisticated threats that are likely to emerge," Sitharaman said.
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