Mumbai . State Bank of India (SBI) Chairman C S Shetty said that ease of functioning and investment options along with digitalisation are bringing structural changes in the domestic banking system. “I think this is also a sign of a mature investment environment and digitalization, which has made people look for other things besides banks,” Shetty said in a discussion on ‘Role of Young Leaders’ at SBI’s event ‘Develop India at 2047’. Has played an important role in motivating people to invest in places.
He said this in response to a question on the growing concerns regarding raising deposits. He was asked that instead of depositing money in banks, most of the people are looking for other ways to invest their money. The SBI chairman said that a few years ago, working in the bank was more ‘painful’ and investing in SIP (fixed term investment) was also not an easy task.
“But today, with two clicks, you can transfer the amount from a bank account to a fixed deposit or SIP,” he said. This means that along with ease of doing business, structural changes are also taking place through investment opportunities.” However, Shetty said that despite this, it is also a fact that banks did not pay attention to deposits in the last decade. He said that during the Covid pandemic, a lot of banks did not want deposits. It was only SBI which was accepting it. “I am confident that as an individual’s income level increases, the asset allocation will change,” Shetty said. “I hope and believe that bank deposits will be one of the important assets and they will definitely be on it.” Will consider.
