A Legacy of Trust and Reach
On July 1, 2025, Union Finance Minister Nirmala Sitharaman extended her heartfelt congratulations to the State Bank of India (SBI) as it celebrated 70 years of service to the nation. Reflecting on its journey from its inception in 1955, she highlighted SBI’s formidable presence with over 23,000 branches, 78,000 Customer Service Points (CSPs), and 64,000 ATMs across India. This extensive network underscores SBI’s role as a trusted financial partner to millions of Indians, embodying its commitment to inclusivity and accessibility.
Digital Transformation at the Forefront
Sitharaman commended SBI for its significant strides in digital transformation over the past decade. The bank’s investment in technology has revolutionized customer experiences, enabling seamless access to banking services. With over 8 crore users on its digital app and the capability to handle up to 20 crore UPI transactions daily, SBI has set benchmarks in the banking sector. This digital evolution has not only enhanced operational efficiency but also made banking more accessible to the masses, particularly in remote areas.
Empowering Farmers, Women, and MSMEs
SBI’s impact extends beyond traditional banking services. Sitharaman emphasized the bank’s pivotal role in supporting various segments of society. It serves 1.5 crore farmers, 1.3 crore women-led Self-Help Groups, 32 lakh street vendors under the PM SVANidhi scheme, and 23 lakh Micro, Small, and Medium Enterprises (MSMEs). Additionally, SBI has been instrumental in providing financial services to artisans and other underserved communities, thereby contributing to the nation’s socio-economic development.
Championing Government Welfare Schemes
The Finance Minister also acknowledged SBI’s active participation in implementing several government welfare initiatives. The bank has facilitated the opening of over 15 crore Jan Dhan accounts, ensuring financial inclusion for the unbanked. It has also enrolled more than 14 crore individuals under the PM Suraksha Bima Yojana, over 1 crore under the Atal Pension Yojana, and 7 crore under the PM Jeevan Jyoti Bima Yojana. These efforts align with the government’s vision of a financially inclusive India.
Sustainability and Future Vision
Looking ahead, SBI has announced ambitious plans to “solarize” 4 million homes by FY27, contributing to the country’s renewable energy transition. Chairman C S Setty reiterated the bank’s commitment to sustainability, stating that SBI is investing deeply in people, technology, and infrastructure to serve a billion aspirations with greater speed, empathy, and responsibility. This forward-thinking approach aims to lead not just in scale but with purpose, unlocking long-term value for every stakeholder.
A Call for Continued Innovation
In her message, Sitharaman expressed hope that SBI would continue to innovate and empower as India progresses towards becoming a ‘Viksit Bharat’ by 2047. She emphasized the need for banks to embrace innovation and digital transformation to adapt to changing customer expectations and technological advancements. Her call to action underscores the importance of continuous evolution in the banking sector to meet the dynamic needs of the nation.
Conclusion
SBI’s 70-year journey is a testament to its resilience, adaptability, and unwavering commitment to serving the nation. From its expansive physical presence to its pioneering digital initiatives, the bank has played a crucial role in shaping India’s financial landscape. As it embarks on the next phase of its journey, SBI remains poised to continue its legacy of trust, innovation, and inclusive growth, contributing significantly to India’s aspirations of becoming a developed nation by 2047.
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