Mumbai, Jan 31 (IANS) State Bank of India Chairman CS Setty on Saturday said that expectations in the financial sector ahead of the Union Budget remain anchored in continued fiscal prudence and called for a level playing field for financial savings instruments.
“As a banker, I would definitely say there should be a level playing field. In an evolving equity environment, there is a case for ensuring a neutral and balanced approach to financial savings instruments,” Setty shared his expectation from the upcoming Budget.
Setty said that there is limited room for large‑scale giveaways despite calls for tax relief, adding that market participants broadly expect the government to adhere to its fiscal roadmap while calibrating growth‑supportive measures within existing constraints.
On the long‑standing demand for parity between bank deposits and other financial instruments, the SBI Chairman said fiscal realities make preferential treatment for deposits difficult despite the need for a level playing field.
Setty noted that globally bank deposits rarely receive special incentives, just like equity instruments fail to qualify for preferential treatment.
Meanwhile, the leading public sector lender on Saturday announced the launch of CHAKRA, a Centre of Excellence for financing sunrise sectors that the bank said are critical to India’s economic transformation. The centre will act as a knowledge‑led platform to enable financing for next‑generation, technology‑driven and sustainability‑focused industries.
“India’s growth over the coming decades will be anchored in innovation, sustainability and advanced manufacturing. With CHAKRA, SBI is strengthening its institutional capability to understand emerging sectors, design specialised financing solutions and partner with the ecosystem,” the Chairman said.
The Centre of Excellence reinforces SBI’s leadership in new-age technologies and climate finance, enhancing India’s integration into the global value chain, Setty added.
SBI said the centre will focus on eight sunrise sectors including renewable energy, advanced cell chemistry & battery storage, electric mobility, green hydrogen, semiconductors, decarbonisation, smart infrastructure and data centre infrastructure.
The bank estimated that these sunrise sectors are expected to entail capital investment of over Rs 100 lakh crore by 2030.
The bank focuses on enabling these capital-intensive sectors by directing capital flows responsibly, strengthening risk assessment and developing innovative financing structures, an official statement said.
–IANS
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