2 weeks ago
Sitharaman Urges Public Banks to Court Young Customers
Finance Minister Nirmala Sitharaman said many young people do not see public sector banks as cool.
She said young customers are used to smartphones and want banking to be easy and available whenever they need it.
She asked public banks to listen to young people and improve their services.
She also said banks must not focus only on looking modern because banking is serious business.
Sitharaman suggested a month-long Banking for Youth campaign starting October 2.
The campaign would focus on people older than 16.
It could visit colleges, universities and skill-building institutions.
Special helpers or Yuva Kiosks could explain accounts, loans, credit scores and government schemes.
She wants public banks to become trusted partners as young people begin earning, studying, starting businesses or investing.
Nirmala Sitharaman said many young Indians consider private banks cooler than public sector banks.
She urged public sector banks to make services simple, intuitive, personalised and available at all times.
Sitharaman proposed a month-long “Banking for Youth” campaign beginning October 2 for people over 16.
The campaign could reach young people through colleges, universities, skill institutions, Yuva Kiosks and dedicated employees.
She said banks should explain credit scores, bank products, government schemes and responsible credit use.
- Who
- Finance Minister Nirmala Sitharaman and India’s public sector bank officials.
- What
- Sitharaman urged public sector banks to improve their appeal to young people and proposed a month-long “Banking for Youth” campaign.
- Where
- At the PSB Confluence conference in the capital.
- When
- The proposed campaign would begin on October 2; the remarks were made on the second day of the PSB Confluence conference. One report identifies the proposed campaign year as 2026.
- Why
- To engage young people early, bring them into the formal banking system and meet their expectations for simple, personalised and continuously available services.
Youth Appeal and Modernisation
Banking Prudence and Responsibility
How public banks should attract young customers
Youth Appeal and Modernisation
Public sector banks should become simpler, more intuitive, personalised, technologically current and available at all times to match young customers’ expectations.
Banking Prudence and Responsibility
Sitharaman cautioned that banks should not merely appear cool while neglecting the serious and prudent nature of banking.
Starting relationships early
Youth Appeal and Modernisation
Banks should reach young people at colleges, universities and skill institutions and become involved when they open their first account, receive a first salary, pursue higher education, start an enterprise or make a first investment.
Banking Prudence and Responsibility
Early engagement should also teach responsible credit use, including the importance of credit scores and maintaining a good credit history.
Key facts
- Speaker
- Finance Minister Nirmala Sitharaman
- Target group
- Young people over the age of 16
- Proposed campaign
- “Banking for Youth”
- Proposed start date
- October 2; one report specifies 2026
- Suggested outreach locations
- Colleges, universities and skill-building institutions
- Possible branch facilities
- “Yuva Kiosks” or “Yuva Banking Mitra” with dedicated employees
- Suggested topics
- Credit scores, bank credit products, government credit schemes and responsible credit discipline
Quotes
Finance Minister Nirmala Sitharaman
India's Finance Minister
“"Pardon me if I say with some liberty, because I take the blame as much as all of you, public sector banks still give the impression of a government bank,"”
indianexpress.com
“"Wow, all of you seem to have private sector in your mind. Why?"”
indianexpress.com
Sources
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